December 24, 2024 06:09 pm (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Allu Arjun quizzed by police in Pushpa 2 stampede case | Wanted Indian drug smuggler killed in the US | Congress leader files complaint against Allu Arjun for 'insulting police' in Pushpa 2: The Rule | Ahead of Jaishankar's US visit, foreign secretary Vikram Misri meets top US diplomats | India refrains from commenting on extradition request for ousted Bengladeshi PM Sheikh Hasina | I don't blame Allu Arjun, ready to withdraw case: Pushpa 2 stampede victim's husband | Indian New Wave Cinema Architect Shyam Benegal dies at age 90 | Cylinder blast at a temple in Karnataka's Hubbali injures nine people | Kuwait PM personally sees off Modi at airport as Indian premier concludes two-day trip | Three pro-Khalistani terrorists, who attacked a police outpost in Gurdaspur, killed in an encounter
Zee-Invesco-Reliance

Regret being drawn into the dispute between Zee and Invesco: Reliance Industries

| @indiablooms | Oct 14, 2021, at 06:34 pm

Mumbai/IBNS: Reliance Industries Limited (RIL) on Wednesday said that it regretted being drawn into the corporate battle between Zee Entertainment Enterprises Limited (ZEEL) and its largest shareholder, Invesco.

RIL, in a statement, said that reports in the media regarding Invesco's claim of facilitating talks for a merger between media companies owned by Reliance Industries and the Zee Group in February were 'not accurate'.

Stepping into the long-drawn corporate war, Reliance Industries, which owns Network18 Media and its subsidiary TV18 Broadcast, stated that it was in dialogue for acquiring ZEEL but did not go ahead with the transaction after talks between Invesco and the Zee promoters broke down.

"In February-March 2021, Invesco assisted Reliance in arranging discussions directly between our representatives and Punit Goenka, member of the founder family and Managing Director of Zee, and we had made a broad proposal for merger of our media properties with Zee at fair valuations of Zee and all our properties," Reliance said in the statement.

"The valuations of Zee and our properties were arrived at based on the same parameters. The proposal sought to harness the strengths of all the merging entities and would have helped to create substantial value for all, including the shareholders of Zee," it added.

Reliance always endeavours to continue with the existing management of the investee companies and reward them for their performance," the statement read.

RIL stated that its proposal had included continuation of Punit Goenka as Managing Director and issue of ESOPs to management, including him.

"Differences arose between Punit Goenka and Invesco with respect to a requirement of the founding family for increasing their stake by subscribing to preferential warrants, and the investors seemed to be of the view that the founders could always increase their stake through market purchases," according to the RIL statement.

Reliance Industries said it respects all founders and has never resorted to any hostile transactions, and it did not proceed further.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.