Meanwhile, BofA Securities Europe SA also bought 48.65 lakh shares (0.51% equity) of ZEEL at Rs 236.20 each through a bulk deal on the NSE.

As on 30 June 2021, BofA Securities Europe SA - Odi held 1.03% stake in the the broadcasting company.

ZEEL held the 39th annual general meeting of the equity shareholders on Tuesday, 14 September 2021. The AGM did not discuss the notice sent by its largest shareholder, seeking an extraordinary general meeting (EGM) of shareholders to remove Punit Goenka from the board.

Invesco Developing Markets Fund and OFI Global China Fund LLC, which together own a 17.88% stake in ZEEL, have called for an EGM to remove Punit Goenka from the firm's board as director.

Goenka, son of Essel Group founder and chairman Subhash Chandra, is managing director and chief executive officer of ZEEL.

The two institutional investors also called for the removal of two of ZEEL's independent directors, Ashok Kurien and Manish Chokhani.

The letter also proposed the appointment of six independent directors, including Surendra Singh Sirohi, Naina Krishna Murthy, Rohan Dhamija, Aruna Sharma, Srinivasa Rao Addepalli and Gaurav Mehta.

In a separate announcement on 13 September, ZEEL informed that Chokhani and Kurien resigned as non-executive non-independent directors.

As on 30 June 2021, promoters held 3.99% in ZEEL. Invesco Developing Markets Fund (formerly Invesco Oppenheimer Developing Markets Fund) held 7.74% stake while OFI Global China Fund LLC held 10.14% stake.

Following the latest developments, shares of ZEEL surged 40% to settle at Rs 261.50 in the previous session. The stock has surged 45.34% in two days. It has rallied 53% in four straight sessions.

ZEEL is a media and entertainment company engaged in providing broadcasting services. On a consolidated basis, ZEEL posted a net profit of Rs 213.8 crore in Q1 FY22, steeply higher than net profit of Rs 30.37 crore in Q1 FY21. Net sales increased 35% to Rs 1775 crore in Q1 FY22 from Rs 1312 crore posted in Q1 FY21.