OFI Global China Fund LLC and other funds managed by Invesco Developing Markets have sold a total of 5.29 crore equity shares held in Zee Entertainment Enterprises Ltd.
The deal size, of 52,935,068 equity shares, represents around 5.51 percent of the total shares outstanding in the company, CNBC TV-18 reported.
The price for the deal was reported to be in the range of Rs 250 to Rs 263.7 per share. According to Bloomberg, the discount could be in the range of 0-5.2 percent on the last closing price of Rs 263.70 as on October 17.
The deal's value is estimated to be $160.7 million or Rs 1,323 crore, as per the calculation based on the bottom end of the per-share price range.
At the upper end of price range, the deal could value at around $ 169.5 million or Rs 1,395 crore.
A lock up period of 180 days will be applicable for the sellers, as per the CNBC TV-18 report.
The offering type is 100 percent secondary placement, and Kotak Securities Limited will be acting as the sole broker, it added.
Invesco, which is one of the largest shareholders in Zee, had stoked a boardroom battle last year after it demanded an extraordinary general meeting (EGM) to revamp the company's board over the alleged corporate governance lapses.
The two sides, however, reached a truce in March this year. Invesco subsequently supported Zee's proposal for merger with Sony Pictures Network India.
Invesco, which was the single-largest shareholder in Zee with a stake of 18.8 at the end of the past, diluted its holding by selling 7.8 percent shares for Rs 2,200 crore in April.
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