Shares of Zee Entertainment Enterprises continued to rally on Wednesday and further jumped 15 per cent after billionaire investor Rakesh Jhunjhunwala’s Rare Enterprises and BofA Securities Europe SA bought its shares through open market transactions.

The stock gained 12.86 per cent to its 52-week high of Rs 295.15 on BSE. At NSE, it zoomed 14.98 per cent to its 52-week high of Rs 300.75, PTI reported from New Delhi.

Shares of Zee Entertainment Enterprises Limited on Tuesday zoomed 40 per cent after two investment firms sought the removal of the current Managing Director Punit Goenka from the board of the company.

Ace investor Jhunjhunwala’s Rare Enterprises Ltd and BofA Securities Europe SA on Tuesday bought shares of Zee Entertainment Enterprises worth over Rs 225 crore through open market transactions.

Rare Enterprises bought 50,000,00 scrips at Rs 220.44 per share through bulk deal transactions on NSE. BofA Securities Europe SA purchased 48.65 lakh shares at an average price of Rs 236.2 apiece.

Rare Enterprises’ purchase value stood at Rs 110.22 crore, while that of Bofa Securities Europe was Rs 114.92 crore.

BofA Securities Europe SA-Odi is a public shareholder of Zee Entertainment and held a 1.03 per cent stake at the end of the June 2021 quarter.

Yesterday at Zee’s annual general meeting, company’s MD Punit Goenka said the enterprise was embarking on a new path under ‘ZEE 4.0’, through which it aimed to enhance profitability and continue to grow ahead of the industry.

The company has a new organisation design and a clear-cut growth strategy, Goenka said at the 39th AGM yesterday.