Billionaire Rakesh Jhunjhunwala and Bofa Securities Europe SA bought shares in India’s largest publicly-traded television network Zee Entertainment Enterprises Ltd. on Tuesday, contributing to a record surge in prices.
Jhunjhunwala’s Rare Enterprises Pvt. and BofA Securities bought 5 million and 4.8 million shares, respectively, in Zee Entertainment on Tuesday, according the National Stock Exchange.
Shares of Zee Entertainment surged 40% on Tuesday, the highest jump since trading started in 1993, after its investors sought the removal of three directors, including the company’s chief executive officer. The removal of top executives from the company’s board, will end the sway of founder Subhash Chandra’s family over the company founded in 1992, and which was once Rupert Murdoch’s Indian partner.
Zee Entertainment’s shares surged to close at 261.55 rupees on Tuesday, when the benchmark index was largely flat. Bloomberg Quint