Zee Entertainment surges 6% after 53 mn shares change hands via block deal

According to reports, Invesco Developing Markets Fund, which has a 10.14 per cent stake in ZEE, was looking to sell half of its stake in the company in a block deal

Shares of Zee Entertainment Enterprises (ZEE) surged 6 per cent to Rs 280.05 in Tuesdays intra-day trade, after nearly 53 million shares of the company changed hands via block deals on the National Stock Exchange (NSE).

About 52.93 million shares, representing 5.51 per cent stake of ZEE, worth Rs 1,396 crore changed hands on the exchange at a price of Rs 263.7 per share, data shows. The names of the buyers and sellers, however, could not be ascertained immediately.

That said, a Business Standard report suggested that Invesco Developing Markets Fund, which has a 10.14 per cent stake