Zee Entertainment Enterprise trashes speculative reports on stake sale

The management of Zee Entertainment Enterprise Ltd (ZEEL) has said that media reports are speculating about the details of the company's stake sale process including deal closure and the size of the overall deal.

In a statement issued on Friday, the management of ZEEL said that under the guidance of its promoters, it had instantly stated that the query was purely speculative. "The management refuses to comment on any market speculations, purely in the interest of the entire investor fraternity," the company said in the statement, adding that the official response of ZEEL's management was also aired on the same channel.

ZEEL said it wishes to request and encourage investors to trade based on fundamentals and intrinsic value and after referring to reliable sources of market analysis and credible reports and to not believe in any speculative news stories or rumours. "The company also wishes to reiterate the fact, that the fundamentals of the business and its intrinsic value, both are intact and the company is performing exceptionally well. The overall process of ZEEL's strategic sale is in steady progress and is as per the previously stated timeline," it statement.

It added that once the deal reaches an appropriate stage, the company will issue an official statement to all concerned stakeholders, including the media fraternity.

‘TRUST FUNDAMENTALS’

ZEEL said it wishes to request investors to trade based on fundamentals and intrinsic value and after referring to reliable sources of market analysis and credible reports