Invesco Fund To Sell 7.8% Stake in Zee; Reaffirms Support for Zee-Sony Merger
Moneylife Digital Team 06 April 2022
Three funds managed by Invesco's developing markets investment team, including Invesco Developing Markets Fund, have decided to sell up to 7.8% of their stake in Zee Entertainment Enterprises Ltd (Zee). While reducing its stake to 11%, Invesco reaffirmed its support for the merger of Zee with Sony Pictures Network India (Sony India).
In a statement, the Fund says, "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% of Zee, underscoring the investment team's belief that the Sony deal in its current form has great potential for Zee shareholders."
According to Invesco, the purpose of selling its stake is to align these funds' exposures to Zee with other funds managed by the investment team and to achieve an aggregate ownership position in the company that is more in line with the investment team's portfolio construction approach.  
Invesco Developing Markets Fund is a US-registered investment company with about US$45.2bn (billion) in assets under management (AUMs).
As of December 2021, Invesco Developing Markets Fund held a 7.74% stake, while OFI Global China Fund LLC held 10.14% stake in Zee. 
As of 31 December 2021, the Invesco Developing Markets strategy held investments totalling US$7.9bn or about Rs59,000 crore in India—representing about 17.3% of its total AUMs worldwide.
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