ICICI Prudential MF pares down stake in Zee Entertainment
ICICI Prudential Mutual Fund sold 12,66,929 shares on August 28 to reduce its stake in Zee Entertainment Enterprises, as per the regulatory filings.
Overall, the fund has sold 1,95,30,335 shares, representing a 2.03% stake in Zee since its last filing on January 31.
Consequently, the fund's stake has come down to 3.05% from 5.08% on January 31.
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It noted that the disclosure is being made in compliance with Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
The holdings by the fund's schemes are primarily from an investment perspective and not to have a controlling interest in the company, it added.
The development comes at a time when Zee resolved all its merger-related pending disputes with Sony Group Corporation-owned Culver Max Entertainment, also known as Sony Pictures Networks India, and its subsidiary Bangla Entertainment.
The share price of Zee Entertainment decreased by 1.05% to Rs 140.80 per share at the close of market hours on Friday.
