Reliance Industries Ltd (RIL) said it proposed to consolidate all its media properties with Zee Entertainment at fair quotation during discussions in February and March 2021 that US investment firm Invesco helped to set out with managing director and member of the founding family of the media and entertainment company, Punit Goenka.
But the deal had to be forsaken after differences arose between Goenka and Invesco after the Zee founders ordered to enlarge their stake by subscribing to preferential warrants, it said. The investors seemed to be of the view that the founders could always increase their stake through market purchases, RIL said. At Reliance, we respect all founders and have never refered to any hostile transactions.
