Societe General pares Zee Entertainment’s shares worth Rs 216 crore; stock zooms ~4%

10 Jan 2024 , 11:21 AM

Societe Generale, a financial services business, sold shares of Zee Entertainment Enterprises Ltd (ZEEL) on Tuesday for Rs 216 crore in an open market transaction.

According to bulk trade data accessible from the National Stock Exchange (NSE), Societe Generale sold 83,45,179 shares, representing a 0.87% interest in ZEEL.

The shares were sold at an average price of Rs 259.10 each, aggregating to Rs 216.22 crore.

Meanwhile, Societe Generale bought 5.08 lakh shares of ZEEL at an average price of Rs 256.64 per share, totaling Rs 13.05 crore.

At around 10.45 AM, Zee Entertainment was trading 4.06% higher at Rs 266.70, against the previous close of Rs 256.30 on NSE.

Further, in a recent update Zee Entertainment Limited denied the reports and speculation that the multi-billion-dollar merger between Zee Entertainment and Sony’s India business will be halted before January 20 are unfounded and factually false. It was earlier reported on Monday that Sony intends to cancel the $10 billion acquisition and will provide a termination notice before January 20.

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