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Evergrande’s main unit Hengda Real Estate Group will make coupon payment on onshore bonds after successful private negotiations with bond holders, Reuters said.

A total of 253,331 shares changed hands on the counter till 01:38PM (IST).

The stock quoted a 52-week high price of Rs 1823.0 and a 52-week low of Rs 1322.8.

"It remains to be seen whether the current promoters of Zee with just 4% of the holding can choose to have their own board members and how in the combined entity, the right to select board members would pan out,"

One major reason behind the exuberance may be the massive demand for shares in the grey market. Paras Defence has fixed the price band at Rs 165-175 apiece for the issue, whereas the shares are trading a hefty premium of about 120 per cent over its issue price.

As of 30-Jun-2021, promoters held 69.49 per cent stake in the company, while FIIs held 12.08 per cent and domestic institutional investors had 3.84 per cent.

As part of the agreement, Zee Entertainment’s current promoters will be allowed to raise their stake to 20 per cent from little over 4 per cent currently while current CEO Punit Goenka will remain CEO of the merged entity.

The stock quoted a 52-week high price of Rs 5122.0 and a 52-week low of Rs 1762.4.

A total of 30,444 shares changed hands on the counter till 01:07PM (IST)

The Relative Strength Index of the stock stood at 76.24 on Wednesday.