Zee Entertainment shares open at 357.95 on Friday. The stocks fell by 1.95 percent ahead of the Union Budget. The stock closed at 349.50.
Zee Entertainment Enterprises is one of India’s leading television media and entertainment companies. It is amongst the largest producers and aggregators of Hindi programming in the world.
The BSE group ‘A’ stock of face value Re 1 has touched a 52-week high of Rs 580 on 28 May 2018 and a 52-week low of Rs 288.95 on 25 January 2019.
Zee Entertainment shares have lost nearly 34% in the last one year compared with a 12% rise in the benchmark Nifty 50 index.
The promoter holding in the company stood at 38.2%, while Institutions and Non-Institutions held 56.34% and 5.46%, respectively.
On Thursday, Economic Times reported that US cable major Comcast, which owns NBCUniversal, and Atairos, a $4-billion investment company led by former Comcast CFO Michael Angelakis, is looking to team up with PE fund Blackstone and James Murdoch’s family office Lupa Systems to bid for Zee Entertainment Enterprises. The report, however, added that talks are very preliminary in nature and might not translate into a deal.
The deal will give a breather to Subhash Chandra, whose Essel Group is facing severe debt crisis. Chandra had, last year, announced his plans to sell half of the promoters’ then 41% stake in the Zee Entertainment.
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