Zee Entertainment board approves Rs 600 crore buyback
In short
Zee Entertainment board approved a Rs 600 crore share buyback at Rs 91 apiece.
The company will buy back up to 65.93 million shares through the tender offer route, with November 25 as the record date. The move follows concerns over the recent fall in the share price.
What the reporting says
Zee Entertainment board approved a Rs 600 crore share buyback at Rs 91 apiece. The company will buy back up to 65.93 million shares through the tender offer route, with November 25 fixed as the record date, and promoters will not participate. A board meeting had been announced after concerns over the recent decline in the market price of the shares.
Why it matters
Zee Entertainment’s board approved a Rs 600 crore buyback at Rs 91 per share and set November 25 as the record date. The company plans to buy back up to 65.93 million shares through the tender offer route, while promoters will stay out. The summary links the decision to concerns about the recent decline in the market price of the stock.