Rakesh Jhunjhunwala buys 5 mn Zee shares amid board room tussle

Rakesh Jhunjhunwala buys 5 mn Zee shares amid board room tussle
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Securities and Rakesh Jhunjhunwala-owned Rare Enterprises bought shares of Enterprises on Tuesday, data provided by stock exchanges revealed.

bought 4.86 million shares (0.51 per cent stake) at Rs 236 apiece for Rs 114.9 crore, while Rare picked up 5 million shares (0.52 per cent stake) at Rs 220 per share for Rs 110.2 crore.

Both the transactions took place on the NSE, where shares worth over Rs 5,200 crore of Zee changed hands. Shares of Zee rose 40 per cent to end at Rs 261.7 on Tuesday. The scrip touched an intra-day high of Rs 270.9.

At the end of June 2021 quarter, held 1.03 per cent stake in Zee. Rare’s name didn’t feature in the public shareholders list, where only names of those holding at least 1 per cent is disclosed.

The rally in Zee shares comes after Invesco (formerly Invesco Oppenheimer) and OFI Global China Fund, which together hold 17.88 per cent in Zee, called for an extraordinary general meeting to seek the ouster of Subhash Chandra’s son Punit Goenka as the director of the company.

Besides, the investment firms also sought the removal of two independent board members — Manish Chokhani and Ashok Kurien, ZEEL said in a regulatory filing on Monday.

In a separate filing, ZEEL also informed that both independent board members Chokhani and Kurien had resigned from the board on Monday evening.

The investment firms have also sought the appointment of six of its own nominees on the board of the company – Surendra Singh Sirohi, Naina Krishna Murthy, Rohan Dhamija, Aruna Sharma, Srinivasa Rao Addepalli, and Gaurav Mehta.

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