Thursday, June 30, 2022
Home Business Rakesh Jhunjhunwala Made Rs 70 cr in 10 Days from Zee Entertainment...

Rakesh Jhunjhunwala Made Rs 70 cr in 10 Days from Zee Entertainment Share. Details Here

Big Bull Rakesh Jhunjhunwala’s Rare Enterprise recent investment in Zee Entertainment got him return of over 61 per cent in just six days of his investment. Jhunjhunwala earned over Rs 62 crore.  Few days back, on September 14, Rare Enterprises owned by Jhunjhunwala had bought 5 million equity shares of ZEEL, worth Rs 110 crore, at a price of Rs 220.44 per share through bulk deal transactions on NSE. Based on current price, the investment is now worth Rs 177.67 crore, up 61 per cent or Rs 67.45 crore over the acquisition price. Along with Rare Enterprise, BofA Securities Europe SA purchased 4.86 million shares at an average price of Rs 236.2 apiece the same day.

On Wednesday, the Board of Directors of ZEEL unanimously provided an in-principle approval for the merger between Sony Pictures Networks India (SPNI) & ZEEL. “The board has evaluated the merger not only on financial parameters, but also on the strategic value which Sony brings to the table. It has also concluded that the merger will be in the best interest of all the shareholders & stakeholders and is in line with ZEEL’s strategy of achieving higher growth and profitability as a leading media & entertainment company across South Asia,” ZEEL said in a statement.

“In the merged entity Sony will hold 53 per cent and Zeel will hold 47 per cent of total shareholding, so Sony Pictures will be holding a majority stake in the merged entity. Sony Pictures will also infuse $1.57 billion (₹11,000 crores) into the merged company. Punit Goenka, who is managing director & chief executive officer of Zeel will continue to remain managing director & chief executive officer of the merged entity. We recommend investors to be cautious as Zee Entertainment Enterprises Ltd rose by 78 per cent from 170 to 303 in the last one month and as of now valuations are not disclosed by Zeel,” Yash Gupta, equity research analyst, Angel Broking said.

Shares of Zee Entertainment Enterprises Limited on Wednesday zoomed 30 per cent after announcement of a merger with Sony Pictures. The stock jumped 31.86 per cent to close at Rs 337.10 on the BSE. During the day, it rallied 39 per cent to its 52-week high of Rs 355.40. On the NSE, it zoomed 30.50 per cent to close at Rs 333.70. The company’s market valuation also jumped Rs 7,823.98 crore to Rs 32,378.98 crore on the BSE.

“Sony has also agreed to transfer certain stake to ZEEL promoters to maintain their stake at 4 per cent as non-compete fees, and ZEEL promoters will have the option to increase their stake up to 20 per cent. ZEEL has not disclosed much on merger cost synergies, but we do anticipate material savings. Key to watch would be the upcoming EGM, and filing of a binding agreement for the merger. We have updated our model to factor ZEEL’s FY21 annual report. Our target price rises to Rs374 (from Rs200) as we raise the FY23E P/E multiple to 22x (from 12x),” an analyst from ICICI Securities said.

Read all the Latest News, Breaking News and Coronavirus News here

Source link


TRS sitting on cash pile of Rs 425 crore

TRS president and Telangana Chief Minister K Chandrasekhar Rao on Monday said the party has fixed deposits of Rs 425 crore which it...

RBI Governor Says Robust Auditing Practices Will Help Counter Frauds

<!-- -->RBI Governor has asked auditors to be alert about manipulations in accounting practicesReserve Bank of India (RBI) Governor Shaktikanta Das on Monday...

Transferring money online? Here’s everything you need to know about IMPS, NEFT, RTGS and more

New Delhi: The Reserve Bank of India (RBI) recently increased the Immediate Payment Service (IMPS) transaction limit from Rs 2 lakh to Rs...


Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

‘I’m pretty good’: Nick Kyrgios shuts critics with commanding win, says ‘Wimbledon best chance to win Grand Slam’

Nick Kyrgios, who is yet to get his hands on single Grand Slam, will now be seen in action on Saturday. His third-round...

Harmanpreet: ‘When I lead, I feel more involved in the game’

The ODI series against Sri Lanka will herald a new beginning for the Indian women's team.The three-match series, to be played in Pallekele...

Aus Vs SL 2022: Stand collapses in heavy rain at first Test between Australia and Sri Lanka – ICC News Breaking News

Aus Vs SL 2022 Srilanka June 30, 2022: Stand collapses in heavy rain at first Test between Australia and Sri Lanka....

Chelsea record signing Romelu Lukaku re-joins Inter on loan

Romelu Lukaku has re-joined Inter Milan on loan from Chelsea. He joined Chelsea for the second time last August for a reported 97.5...

Recent Comments