Zee Entertainment shares surge 17%: Invesco withdraws EGM requisition for ZEE’s board reconstitution

Stock Market: Zee Entertainment shares surge 17% after Invesco withdraws EGM requisition for ZEE’s board reconstitution
Stock Market (Image: Canva)

Today Zee Entertainment Enterprises share price was trading above 17% at Rs 299.90. In September 2021, Invesco had asked the board of Zee to hold an Extraordinary General Meeting (EGM) as the company was not running smoothly, according to Invesco.

Invesco wanted to remove 3 directors from Zee’s board, including Punit Goenka, CEO of Zee.

However, Zee’s board did not respond to this request, after which Invesco approached the NCLT (national company law tribunal). In response to this, Zee approached the High Court.

After this, in December 2021, Zee announced the merger with Sony. Invesco wanted to hold an extraordinary general meeting (EGM) to add 6 new independent directors to the board of Zee.

But yesterday Invesco said that they will not hold this EGM because after Zee and Sony merger the board of the newly combined company will be reconstituted so that their objective of strengthening the board will be achieved.

Due to this, there was a sharp jump in the share price of Zee today.

Zee Entertainment Enterprises share: Financials

52 Week High378.70
52 Week Low166.80
Sector PE28.62
Face Value1
Dividend Yield0.84
Mkt Cap (Rs. Cr.)28,709
Book Value Per Share105.23

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Net Profit 2021 (Rs. Cr.)793
Debt to equity (2021)0.00
Revenue 2021 (Rs. Cr.)7,729
Dividend/Share (INR) (Mar 2021)2.50
Promoters holding3.99%

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This article is only for education purpose and the author has his own views and research, so if you invest in these stocks/forex/Virtual Digital Asset then do it at your own risk and do the research yourself before investing.

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