Zee's biggest shareholder Invesco to sell 7.8% equity through block deal today

"Upon completion of the bookbuild, funds managed by Invesco’s Developing Markets investment team, including Invesco Developing Markets Fund, will continue to own in aggregate at least 11 percent of Zee, underscoring the investment team’s belief that the Sony deal in its current form has great potential for Zee shareholders," the statement added.

The development comes less than two weeks after Invesco dropped its demand for an extraordinary general meeting (EGM), which it was pursuing since September 2021 to press for the rejig of Zee board. Through the EGM, they had also sought the removal of Punit Goenka, the company's managing director.

In a statement issued on March 23, Invesco said it has decided not to pursue the EGM to add six independent directors as Zee’s merger with Sony will achieve the fund’s aim of strengthening board oversight. The market positively reacted to the development, with Zee's stock surging by over 16 percent in the morning session on March 24 .

“Since we announced our intention to requisition, Zee has entered into a merger agreement with Sony. We continue to believe this deal in its current form has great potential for Zee shareholders. We also recognise that, following the merger, the board of the newly combined company will be substantially reconstituted, which will achieve our objective of strengthening board oversight of the company,” Invesco had said.

The fund, however, noted that will continue to monitor the proposed merger’s progress. “If the merger is not completed as currently proposed, Invesco retains the right to requisition a fresh EGM,” it said.