As Zee and shareholder Invesco are getting ready for a bidding war, every investor is waiting for a counter bid for Zee from a rival. Punters are betting big that Reliance, which runs Colors and other entertainment channels in India, will lap up Invesco’s 18 per cent stake and announce an open offer for shareholders.

The Zee-Sony deal has valued Zee at around Rs 325 a share and any counter offer, punters speculate, will make the shareholders happy and may lead to a bidding war for the company. The Zee share had lost significant value in the last few years due to corporate governance concerns raised by proxy advisory firms. Shareholders think that with a new management in control, the company will have a bright future. The Zee promoters have lost a lot of goodwill following defaults to Indian banks. Though promoter Subhash Chandra has repaid part of his loans, several banks had to take a haircut on their exposure. That’s the reason the founders are also set to lose control over DishTV.