OFI Global China Fund on Monday, October 17, has decided to sell up to 5.2 crore shares, representing 5.51 percent of Zee Entertainment Enterprises Ltd's (ZEEL) outstanding shares, through a block deal to raise Rs 1,396 crore.

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The company has offered shares in the price band of Rs 250 to Rs 263.7 and there will be a lock-in period of 180 days on OFI post this stake sale. Kotak Securities Ltd will be acting as the sole broker for the deal.

Currently, investment firm Invesco, along with OFI Global China Fund LLC holds 11 percent stake in ZEEL. Invesco is the largest shareholder in ZEEL.

Recently, the Competition Commission of India (CCI) approved with certain conditions the mega-merger deal between media groups Sony and Zee. In a tweet, the watchdog said it has cleared the deal with certain modifications. The proposed merger was announced in September last year.

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ZEEL, in September 2021, said it has entered into a non-binding term sheet with Sony Pictures Networks India (SPNI) to bring together their linear networks, digital assets, production operations and programme libraries.

The combined entity will own over 70 TV channels, two video streaming services (ZEE5 and Sony LIV) and two film studios (Zee Studios and Sony Pictures Films India), making it the largest entertainment network in India, ZEEL said in September last year.

CME, earlier known as Sony Pictures Networks India Pvt Ltd (SPNI), Bangla Entertainment Pvt Ltd (BEPL), ZEEL and Essel Group, are part of the combination, as per the notice filed with CCI in April 2022.

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(Edited by : Shoma Bhattacharjee)

First Published:Oct 17, 2022 7:34 PM IST