Latest News | PPFAS Mutual Fund Buys 62 Lakh Shares of ZEEL for Rs 88 Crore

New Delhi, Mar 27 (PTI) PPFAS Mutual Fund on Wednesday bought over 62 lakh shares of Zee Entertainment Enterprises Ltd (ZEEL) for Rs 88 crore through an open market transaction.

PPFAS Mutual Fund through its affiliate Parag Parikh Long Term Value Fund acquired the shares of Mumbai-based ZEEL on the National Stock Exchange (NSE).

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According to the bulk deal data available with the NSE, Parag Parikh Long Term Value Fund acquired 62.22 lakh shares of Zee Entertainment Enterprises.

The shares were bought at an average price of Rs 141.44, taking the deal value to Rs 88 crore.

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Details of the sellers of ZEEL's shares could not be ascertained.

Shares of Zee Entertainment Enterprises gained 1.18 per cent to close at Rs 140.90 apiece on the NSE.

Meanwhile, in a post on X (formerly Twitter), PPFAS Mutual Fund said, "There is a bulk deal trade of Parag Parikh Flexicap Fund buying Zee Entertainment Enterprises Ltd shares reported on NSE today. We wish to clarify that this was an Arbitrage transaction."

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)