Invesco pushed large Indian group’s ‘bad’ deal: Zee Entertainment

Zee Entertainment Enterprises (ZEEL) on Tuesday revealed that one of its shareholders, Invesco, had approached its managing director and chief executive officer, Punit Goenka, with a merger proposal in February on behalf of a rival company, part of a large Indian business group, which, if accepted, would have led to a loss of Rs 10,000 crore for the company’s shareholders.

In a communication to the stock exchanges, ZEEL said Goenka informed the board that a merger deal was presented by Invesco’s representatives Aroon Balani and Bhavtosh Vajpayee in February, which involved the merger of ZEEL with certain entities owned by a large Indian group.