MUMBAI, Nov. 12 -- Zee Entertainment Enterprises Ltd has approved a Rs.600 crore share buyback at Rs.91 apiece, offering investors a premium of more than 23% to the stock's last closing price. The move comes as the company seeks to restore investor confidence amid concerns over its growth prospects and profitability.The buyback price represents a 23.8% premium to Zee Entertainment's closing price of Rs.73.50 on the National Stock Exchange on Thursday. Announced after market hours, the buyback will cover 6.86% of the company's paid-up equity, Zee said in a press release.

The company's promoters, the Goenka family and related entities, will not participate in the buyback. Together, they hold a 3.99% stake in Zee Entertainment.

"The Board ...