Essel Group has today confirmed the successful completion of the first portion of ZEE Entertainment Enterprises Limited’s stake sale to to Invesco Oppenheimer Developing Markets Fund (The Fund).
It was earlier reported that Essel Group had agreed to sell up to 11% promoter stake in ZEEL to The Fund. Today, the first portion of 8.7% stake had been successfully concluded. The remaining 2.3% stake is expected to be finalised in the coming few days.
Essel Group’s positive turn around on ZEEL’s promoter stake sale, has been welcomed by the industry. It required to generate adequate liquidity for the repayment process. It is also working on further divestments including its non-media assets.
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