‘Invesco sought merger with large Indian group’

NEW DELHI: Zee Entertainment Enterprises on Tuesday said Invesco, its single-largest shareholder, had itself come up with a proposal in February this year for a merger of the company with certain entities owned by a large Indian group (strategic group) with an inflated valuation “by at least Rs 10,000 crore”.

In the continuing battle between the promoter family and Invesco, Zee said its MD & CEO Punit Goenka has informed its board about a proposal made by Invesco about the merger, under which the strategic group would hold majority stake but he was offered to be appointed as MD and CEO of the merged entity besides offering 4% stake.