Family members of Punit Goenka, CEO of Zee Entertainment, have acquired 0.29% shares of Zee Entertainment for Rs 27 crore, the company disclosed to the stock exchanges on Thursday.
Goenka’s wife Sheyasi bought 13,83,500 securities worth around Rs 13.46 crore (0.14% of shareholding), while Goenka’s son Udayan bought 14,15,450 securities also worth around Rs 13.46 crore (0.15% of shareholding). Earlier, the promoter family had a stake of 3.99% in the company. The promoter shareholding has now increased to 4.28% following the share purchase.
Shriram Subramanian, founder and MD of proxy advisory firm InGovern, said the purchase of shares was “small and inconsequential”.
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In November, retail shareholders had struck down the proposal to re-appoint Goenka as a director on the board at the firm’s annual general meeting (AGM). He was MD of the company before stepping down just ahead of the AGM that month.
Goenka has said that he wants to achieve the revenue (8-10%) and margin targets (18-20%) set by the company over the next three years, as the company steers through an evolving domestic media market, following the merger of Disney Star and Viacom18 into JioStar.
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