OFI Global China Fund Acquires More Shares Of Zee Entertainment
Employees at Zee Telefilms Ltd. work in the programme control room in Mumbai, India. (Photographer: Santosh Verma/Bloomberg)

OFI Global China Fund Acquires More Shares Of Zee Entertainment

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Zee Entertainment Enterprises Ltd. on Thursday said that OFI Global China Fund LLC has consolidated its stake in the media company with the acquisition of an additional 1.37 crore equity shares.

On Monday, Subhash Chandra resigned as the chairman of Zee Entertainment. On Wednesday, three directors on the company’s board also put in their papers.

In September, promoter Essel Group sold 11 percent stake in Zee Entertainment to Invesco-Oppenheimer fund for over Rs 4,224 crore and then retired debt worth Rs 4,000 crore. Invesco holds 7.74 percent stake in Zee Entertaiment since 2002.

OFI Global China Fund LLC, which holds 8.7 percent stake in Zee Entertainment, has acquired over 13,749,266 crore additional equity shares amounting to 1.431 percent stake in the media company.

"Pursuant to this acquisition, the shareholding of the acquirer (OFI Global China Fund LLC) along with persons acting in concert with it has increased by 2 percent of the total shareholding of the company from the last disclosure made for the acquisition on September 9, 2019." Zee Entertainment Enterprises said in a regulatory filing.

Following the acquisition, OFI Global China Fund LLC's shareholding in Zee Entertainment increased to 10.99 percent, the filing added.

Also Read: Zee Media Plunges After Lenders Sell Pledged Shares

Meanwhile, Cyquator Media Services Pvt. Ltd., a promoter entity of Zee Entertainment, has sold 79,912,915 shares of the media company.

"Out of aggregate quantity of 79,912,915 shares sold, 13,749,266 shares have been sold off market on Nov. 25, 2019, to OFI Global China Fund LLC and balance shares have been sold on market by Cyquator and/or the lenders," according to a separate regulatory filing.

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