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Singapore govt, monetary authority trim stake in Zee Entertainment
The Singapore government and Monetary Authority of Singapore have sold almost one per cent of their total holding in Zee Entertainment Enterprise (ZEEL) to 5.93 per cent for an estimated sum of over Rs 186 crore by selling shares in the open market.
According to a regulatory filing by the company, GIC Pvt Ltd on account of Government of Singapore (GOS) and Monetary Authority of Singapore (MAS) sold a total of 93.30 lakh shares, amounting to 0.97 per cent stake in ZEEL on August 20.
While GOS sold 56,76,912 shares aggregating 0.59 per cent stake, MAS sold 36,53,266 shares accounting for 0.38 per cent shareholding, the company said. Based on the closing price of Rs 199.45 per share on BSE on the day of share sale, the transaction is estimated to be valued at over Rs 186 crore.
Prior to sale, GOS held 4.81 per cent stake, while MAS' stake stood at 2.10 per cent aggregating to a total of 6.91 per cent, as per the filing. Last week, ZEEL had reported a consolidated net profit of Rs 29.28 crore for the first quarter ended June 30, 2020, as against a net profit of Rs 529.76 crore in April-June quarter a year ago.
Its total income during the quarter under review was Rs 1,338.41 crore. It was Rs 2,112.03 crore in the corresponding quarter last year. According to the company, the impact on earnings was primarily due to restrictions caused by COVID-19 on business activities. Shares of ZEEL were trading 3.07 per cent higher at Rs 198.05 apiece on BSE.