The firm chaired by business tycoon, Rakesh Jhunjhunwala, named Rare Enterprises has acquired 50,00,000 shares of Zee Entertainment Enterprises Limited (ZEEL), at the value of Rs 220.44 per share. This news drops in amidst the boardroom scuffle in the ZEEL, led by Punit Goenka.
On September 14, the stock rates of ZEEL recorded a 40 percent increase, just a day after a regulatory filing. In the filing, the company said that two of its shareholders have appealed to sack the Managing Director and CEO Punit Goenka and two other independent directors from the panel.
The respective shareholders, Invesco Developing Markets Fund and OFI Global China Fund LLC constitute up to 18 percent share rate in Goenka-led company. An annual general meeting (AGM) has been summoned by the shareholders seeking the removal of the current ruling top management including three directors and the CEO.