Goldman Sachs sells 1.17 crore shares of Zee Entertainment

Press Trust of India Posted online: Wednesday, Jun 18, 2014 at 0000 hrs
Mumbai : Foreign investor Goldman Sachs today offloaded more than 1.17 crore shares of Zee Entertainment Enterprises Ltd for an estimated Rs 322 crore through open market route.

According to information available with the stock exchanges, Goldman Sachs (Singapore) Pte sold 69.50 lakh shares of Zee Entertainment on the NSE and another 48.10 lakh scrips of the company on the BSE.

The shares were offloaded for an average price of Rs 274, valuing the transaction at Rs 322 crore.

As of March quarter, Goldman Sachs held 1.87 crore shares or 1.95 per cent stake in Zee Entertainment.

Earlier this month, the Reserve Bank had allowed Foreign Institutional Investors (FIIs) to invest up to 100 per cent of the paid-up capital in Zee Entertainment.

Prior to that, the investment limit for FIIs in the company was 49 per cent.

Zee Entertainment is India's largest vertically integrated media and entertainment company. Its portfolio consists of brands like Zee TV, Zee Cinema, Zee Music, Zee Premiere, ETC, ETC Punjabi, TEN Sports, Zee Studio, Zee Classic and Zee Sports.

Shares of Zee Entertainment today closed 3.08 per cent up at Rs 276.05 apiece on the BSE.