Zee Entertainment announces ₹600 crore buyback at 24% premium
MUMBAI: Zee Entertainment Enterprises Ltd has approved a ₹600 crore share buyback at ₹91 apiece, offering investors a premium of more than 23% to the stock’s last closing price. The move comes as the company seeks to restore investor confidence amid concerns over its growth prospects and profitability.
The buyback price represents a 23.8% premium to Zee Entertainment’s closing price of ₹73.50 on the National Stock Exchange on Thursday. Announced after market hours, the buyback will cover 6.86% of the company’s paid-up equity, Zee said in a press release.
