Zee Entertainment slips over 3% after Invesco Oppenheimer buys 11% stake

Shares of Zee Entertainment (ZEEL) slipped as much as 3.44 per cent to Rs 347.20 apiece in the early morning deals on Thursday, a day after the parent company Essel Group led by Subhash Chandra, said it had offloaded 11 per cent of the nearly 36 per cent promoter stake in Zee Entertainment Enterprises to existing investor Invesco Oppenheimer for Rs 4,224 crore.

The stock, however, pared losses and was trading over 1 per cent lower at Rs 356.55 on the BSE. In comparison, the benchmark S&P BSE Sensex was trading 181 points or 0.48 per cent lower at 37,300 levels.

The deal, at Rs 400 per share, values Zee at a premium of 10.6 per cent over the current market price and will be used to pay off part of the promoter-level debt, which stands at Rs 11,000 crore.