Zee Leisure Enterprises share worth noticed sharp decline of greater than 25% on the NSE and the BSE, put up Sony ended its merger settlement and demanded $90 million in termination price. Because the inventory erased greater than ₹5000 Crore market-cap, all traders together with Mutual funds had been on the receiving finish.
The Mutual Funds are more likely to have seen wealth erode by greater than ₹1900 crore
As per the shareholding sample knowledge accessible on the BSE , on the finish of December’2023, 29 mutual Funds had been holding shares within the Zee Leisure Enterprises. The full mutual fund shareholding share stood at 32.49% because the mutual funds held 31,20,70,141 shares within the Zee Leisure Enterprises.
Total whereas 7 promoters had been holding 3.99% stake in Zee Leisure Enterprises, public share holding stood at 96.01%.
Additionally Learn- Zee share worth tanks 25%, erases over ₹5k crore mcap as Sony calls off merger; brokerages downgrade inventory
The main mutual fund share holders included ICICI Prudential Worth Discovery Fund that was holding 7.25% stake in Zee Leisure Enterprises. Different distinguished mutual funds had been Nippon Life India Trustee Ltd-A/C Nippon India Multi Cap Fund that held 6.12% stake whereas HDFC Mutual Fund – HDFC Mid-Cap Alternatives Fund’s share holding stood at 5.2%
Amongst others had been Tata Massive And Mid-Cap Fund, Aditya Birla Solar Life Trustee Personal Restricted A/C Aditya Birla Solar Life Arbitrage Fund, Kotak Fairness Arbitrage Fund holding 2% or extra stakes.
About 51 Mutual Funds purchased and 33 Mutual Funds offered Zee Leisure Enterprises Ltd. within the month of December 2023 for a web change of 1,415,436 shares as per Trendlyne.com knowledge
Zee Entertainments Enterprises share worth decline was led by Japan’s Sony Group Corp choice on terminating its merger with Zee Leisure Enterprises Ltd. On Sunday twenty second January, Sony had despatched termination letter citing its plans to name off the merger between its India unit and the media community.
Sony not solely ended the merger settlement, it additionally has demanded $90 million in termination charges. Zee rejected the demand and mentioned it plans to take authorized motion to guard stakeholder pursuits.
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Numerous Brokerages have downgraded the Zee Entertainments shares .
Motilal Oswal Monetary Providers downgraded the inventory and indicated for greater than 13% draw back.
We don’t anticipate a restoration in earnings within the close to time period. Zee has not said whether or not it is going to pursue the merger whereas the litigation with Sony might hinder enhancements in operations or discover a merger with different gamers, mentioned analysts at MOFSL.
Disclaimer: The views and suggestions made above are these of particular person analysts or broking firms, and never of Mint. We advise traders to test with licensed consultants earlier than taking any funding selections
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Revealed: 23 Jan 2024, 12:56 PM IST
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