Invesco to cut stake in India’s Zee by more than a third to 11%

MUMBAI – U.S. investment firm Invesco is set to cut its holding in India’s Zee Entertainment by more than a third to 11%, it said on Wednesday, days after abandoning an attempt to shake up the management at the Indian media company.

Invesco, which currently owns 18% of Zee through its funds, had earlier sought the ouster of Zee’s chief executive officer and the appointment of new independent board members, alleging corporate governance issues, but later abandoned the plan. Zee has denied any wrongdoing.

(Reporting by Abhirup Roy; editing by David Evans)