The Zee Entertainment stock hit a 10 per cent upper circuit with Invesco Developing Markets Fund deciding not to pursue its requisitioning of an EGM of Zee shareholders to oust MD & CEO Punit Goenka while reiterating support for the Zee-Sony merger.
“We continue to believe the deal in its current form has great potential for Zee shareholders. We also recognise that following the merger’s consummation, the board of the newly combined company will be substantially reconstituted which will achieve our objective of strengthening board oversight of the company. Given these developments, and our desire to facilitate the transaction, we have decided not to pursue the EGM as per our requisition dated 11 September 2021.”
Invesco, however, said that it retains the right to requisition a fresh EGM if the merger is not completed as proposed.