Sharekhan recommended Hold rating on Zee Entertainment Enterprises with a target price of Rs 400 in its research report dated August 01, 2019.
Sharekhan's research report on Zee Entertainment Enterprises
Invesco Oppenheimer to buy up to 11% stake in ZEEL for Rs. 4,224 crore at a price of ~Rs. 400/share, which would partially remove the promoters’ liquidity concerns. Both media (most likely Dish TV) and non-media assets sale is on cards; management remains confident about the sale of these assets to be finalised by September 2019. We believe the market may be disappointed with the decision of ZEEL’s promoters to go with the financial investor rather than a strategic investor.
We maintain our Hold rating on Zee Entertainment Enterprises Limited (ZEEL) with a revised PT of Rs. 400.
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