“…the Company is not aware of any information that has not been announced to the exchanges which could explain the aforesaid movement in the trading,” Zee Entertainment said in an exchange filing, adding that the statement quoted in the news article does not represent a decision or proposal that has been considered or approved by the Board.
The entertainment company has also said that it cannot on its own confirm or deny the above-mentioned new items and its source.
Zee founder Subhash Chandra, in an interview with ET, had told that the promoter family would be raising its stake in the company by 5% soon, to eventually total 26%.
“…the promoter family is indeed considering raising its stake in the company. I’ve personally encouraged both my immediate and extended family to increase their holdings in Zee. I’ve also approached my younger son, Amit Goenka, a successful NRI, and he has agreed to invest in Zee instead of other companies. While it may take some time, we are working toward acquiring an additional 5% soon – and eventually holding 26%,” he had said.
The media baron also alleged that Sony intentionally prevented a merger despite the Zee promoters’ offer – during extended negotiations – to have Punit Goenka step aside from the chief executive’s post.It is to be noted that Punit Goenka, the Managing Director and CEO of Zee, owns a 4 per cent stake in the company. A merger between Sony and Zee would’ve created a $10 billion broadcasting entity, India’s largest.Rules say that any person with or without holding any shares in a listed target company, may offer to acquire shares of the entity subject to a minimum offer size of 26 per cent. Furthermore, any shareholder or group of shareholders holding at least 10 per cent in a listed company may move a resolution to change its directors.
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