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RBI lifts FII investment limit in ZEEL up to 100%

MUMBAI: Zee Entertainment Enterprises Ltd (ZEEL) has received a desired shot in arm from the Reserve Bank of India (RBI) in the form of a hike in foreign institutional investment (FII) limit in the company.

The central bank has given its seal of approval to ZEEL’s prayer for increasing FII in the company up to 100 per cent of its paid-up capital.

Market reaction to this news remained subdued as ZEEL closed the session 0.45 per cent softer at Rs 265.40 a share on the BSE. The counter exchanged 1.28 lakh (0.13 million) equity shares, which is half of its two-week average.

As per ZEEL’s filing with the BSE, current FII holding aggregates 46,04,85,666 equity shares or 47.94 per cent of the total paid-up capital.

Oppenheimer is the single largest shareholder in ZEEL under the FII category. Oppenheimer collectively holds 10.03 per cent in the company under two different accounts. Oppenheimer Developing Markets Fund’s holding stands at 8.57 per cent while Oppenheimer Global Fund holds 1.46 per cent of ZEEL’s paid-up capital.

Other key shareholders under FII category includes—Ontario Teachers Pensions Plan Board NP3A-All (1.23 per cent), Government of Singapore (1.75 per cent), New World Fund INC (1.29 per cent), Goldman Sachs (Singapore) Pte (1.95 per cent) and Vanguard International Growth Fund (1.36 per cent).

Of ZEEL’s 96,04,48,720 paid-up equity shares (face value Rs 1.00), promoters and promoter group companies control 43.07 per cent. Cyquator Media Services is the key shareholder under promoter group category controlling 25.13 per cent of the total paid-up capital. Essel Media Ventures (10.71 per cent), Essel Holdings (4.83 per cent) and Essel Intertnational (2.39 per cent) are the other key stakeholders under this category.

ZEEL has been engaged in restructuring its group holding for some time now and hence most of promoter/promoter group holding is brought under Cyquator Media Services, which has business interests in an array of media and entertainment activities besides telecom and trading, satellite television, broadcasting and distribution, media programming, etc.

Its activities form close synergies with the group’s various ventures that include content development, distribution/reach and infrastructure/logistics such as Siti Cable, Zee Interactive Learning Systems, Agrani, E-City, Essel Propack, Essel World, Cyquator, Dish TV, Playwin, Water Kingdom, Intrex India, Zee Turner, Padmalaya Telefilms, ETC Networks and others.

Cyquator was born of a dream of providing quality IT Infrastructure, monitoring and management services to corporates. It was the result of ZEEL MD and CEO Punit Goenka’s latest independent foray into ‘new business development and entrepreneurship’ which started off with the building of a world-class data centre in Mumbai.