Singapore govt, monetary authority hike stake in Zee Entertainment

The Singapore government and Monetary Authority of Singapore have hiked their total holding in Zee Entertainment Enterprises Ltd (ZEEL) to 8.44 percent by acquiring shares through secondary market placement, according to a regulatory filing by the company. GIC Pvt Ltd on account of the Government of Singapore (GOS) and Monetary Authority of Singapore (MAS) acquired a total of 2.85 crore shares, amounting to a 2.967 percent stake in ZEEL on November 21.

While GOS acquired 1,44,76,963 shares aggregating 1.507 percent stake, MAS acquired 1,40,23,037 shares accounting for 1.46 percent shareholding, the filing said. Based on the closing price of Rs 345.25 per share on BSE on the day of acquisition, the transaction is valued at over Rs 980 crore.

Before the acquisition, GOS held a 4.28 percent stake, while MAS' stake stood at 1.193 percent aggregating to a total of 5.473 percent, ZEEL added. The Subhash Chandra-led cash-starved Essel Group on November 20 said it is planning to sell a 16.5 percent stake in its flagship ZEEL to financial creditors to meet its loan repayment obligations.

In September, the group had sold an 11 percent stake in ZEEL to Invesco-Oppenheimer fund for over Rs 4,224 crore and then retired debt worth Rs 4,000 crore. Atlanta-based Invesco already held a 7.74 percent stake in ZEEL since 2002.