US investment firm Invesco plans to cut its stake in Zee Entertainment by more than a third to 11 percent, it said Wednesday, days after it abandoned an effort to shake up the Indian media company’s management.
Invesco, which currently owns 18 percent of Zee through its funds, had previously requested the impeachment of Zee’s CEO and the appointment of new independent board members over corporate governance issues, but later dropped the plan. Zee has denied any allegation.