Shares of Zee Entertainment Enterprises Ltd declined over 3 percent in morning trade on Thursday, a day after Invesco funds decided to divest up to 7.8 percent stake in the company.
The stock went lower by 3.38 percent to Rs 281.10 on the BSE.
At the NSE, it declined 2.50 percent to Rs 283.60.
Invesco on Wednesday said three funds managed by its developing markets investment team, including Invesco Developing Markets Fund, will sell up to 7.8 percent of the share capital of Zee Entertainment Enterprises Ltd (ZEEL) to align exposures to the firm with other funds managed by the team.
Invesco, which is the single-largest shareholder in ZEEL, said after the proposed sale, the three funds managed by its developing markets investment team will continue to own in aggregate at least 11 percent of ZEEL.
It underscores the investment team's belief that the Sony deal in its current form has great potential for ZEEL shareholders, Invesco said in a statement.
''The purpose of this transaction 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,'' the statement said.
(With PTI inputs)
