Zee Entertainment share worth surges after Rakesh Jhunjhunwala and BofA Securities purchase stake

Shares of Zee Entertainment Enterprises (ZEEL) have been on a bull run over the previous two buying and selling classes after ace investor Rare Enterprises Ltd and BofA Securities Europe SA purchased shares of the corporate value over Rs 225 crore by open market transactions.
After surging 40.06 per cent on the National Stock Exchange (NSE) on Tuesday, the inventory rallied one other 14.99 per cent within the intraday commerce on Wednesday to hit a 52-week excessive of Rs 300.75 on the NSE. The scrip has jumped as a lot as 60.96 per cent from Monday’s shut of Rs 186.85.
On Tuesday, Rare Enterprises purchased 50 lakh scrips at Rs 220.44 per share by bulk deal transactions on NSE. BofA Securities Europe SA bought 48.65 lakh shares at a median worth of Rs 236.2 apiece.
Rare Enterprises’ buy worth stood at Rs 110.22 crore whereas that of BofA Securities Europe SA was Rs 114.92 crore.

BofA Securities Europe SA – Odi is a public shareholder of Zee Entertainment and held 1.03 per cent stake on the finish of the June 2021 quarter.
The sharp rally on Tuesday was initially triggered after two funding companies – Invesco Developing Markets Fund (previously Invesco Oppenheimer Developing Markets Fund) and its subsidiary OFI Global China Fund LLC had sought the removing of the present Managing Director Punit Goenka and two Independent Directors from the board of the corporate.
However, two impartial administrators, Ashok Kurien and Manish Chokhani, resigned from the board on Monday forward of the EGM, which was scheduled for Tuesday.

Two funding companies, collectively accounting for 17.88 per cent of the paid-up share capital of ZEEL.
–with PTI inputs