Zee might be merging with Sony but the big winner is the big bull Rakesh Jhunjhunwala who is now gaining Rs 50,00,00,000 in just one week.
On September 14, ace investor Rakesh Jhunjhunwala bought 50 lakh shares of Zee Entertainment as the entertainment major faced off shareholders demanding the removal of MD Punit Goenka.
The big bull made a big bet and bought 50 lakh shares of Zee at Rs 220/share as disclosed by exchanges. With the stock of Zee skyrocketing with the news the board approving an in-principle merger with Sony Jhunjhunwala is now sitting on a neat profit of Rs 50 cr as the stock touched a day high of Rs 320/share. That's 50 crore profit or almost 50% returns on his investment in just a week's time.
Also read/watch: Sony saves Zee's Punit Goenka, board approves mega merger