Zee stake sale removes pledge overhang; shares gain 25% in 3 days

Shares of Zee EntertainmentNSE 3.75 % extended their rally for a third straight session after several foreign funds, including the New York-based BlackRock, Singapore government-backed GIC, HSBC Global, Citigroup, Morgan Stanley Asia, Vanguard and Wellington Management, have picked up stakes in the company as the promoters sold stock to repay loans.

Shares of country’s biggest listed media company were sold in block deals on the NSE on Thursday at Rs 304 apiece. While the promoters are now left with just 5 per cent stake in the company, they raised more than Rs 4,500 crore from the deals to repay lenders.

Citi and JP Morgan were the book runners for the block deals.