New Delhi, Mar 24 (IANS): Shares of media and entertainment company Zee Entertainment Enterprises surged around 17 per cent on Thursday after its largest shareholder Invesco dropped the demand for an overhaul of the company's Board.

The shares of the company settled 16.9 per cent higher, at Rs 299.3.

On Wednesday, Invesco Developing Markets Fund reportedly said that it had decided not to pursue an extraordinary general meeting to add six independent directors as Zee's merger with Sony would achieve its aim of strengthening the Board's oversight.

Zee Entertainment Enterprises welcomed the decision by the fund house for its "belief in the true potential" of the proposed merger with Sony Pictures Networks India and for showing faith in the management's approach.

"Invesco has been an integral part of ZEE's value-creation journey for almost two decades; and the company acknowledges the support. Under the able guidance of its esteemed Board and the strategic approach undertaken by its management, the company remains focused on the completion of the proposed merger with SPNI, which is in the best interest of all the stakeholders," the media and entertainment company said in a statement on Thursday.

With a presence in over 190+ countries and a reach of more than 1.3 billion people around the globe, it is amongst the largest global content companies across genres, languages, and platforms.