Zee’s merger with Sony would achieve its aim of strengthening board oversight but if the deal is not done as proposed, Invesco retains the right to call a fresh EGM, Invesco Developing Markets Fund has said
Zee Entertainment
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Zee Entertainment Enterprises share price surged over 16 percent in the morning session on March 24 after largest shareholder Invesco dropped the demand for an overhaul of the company’s board.
Invesco Developing Markets Fund said on March 23 that had decided not to pursue an extraordinary general meeting (EGM) to add six independent directors as Zee’s merger with Sony would achieve its aim of strengthening board oversight.
“Since we announced our intention to requisition, Zee has entered into a merger agreement with Sony. We continue to believe this deal in its current form has great potential for Zee shareholders. We also recognise that, following the merger, the board of the newly combined company will be substantially reconstituted, which will achieve our objective of strengthening board oversight of the company,” the fund said.
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“If the merger is not completed as currently proposed, Invesco retains the right to requisition a fresh EGM,” it added.
At 9.50 am, the stock was trading at Rs 298.15, up Rs 42.10, or 16.44 percent, on NSE. It has touched an intraday high of Rs 307.25 and an intraday low of Rs 281.65.
The scrip was trading with volumes of 977,155 shares, compared to its five -day average of 821,338 shares, an increase of 18.97 percent.
