ZEE’s stake sale at an “advanced stage”

The sale of a stake in ZEE Entertainment Enterprises Limited’s is said to be at an advanced stage.

According to its parent company, Essel Group said the movement was steady. In a statement, it said, “The stake sale process of ZEE Entertainment Enterprises Ltd undertaken by Essel Group, is in steady progress and at an advanced stage.”

It added that it was not in a position to divulge further details due to confidentiality agreements.

Last November, ZEEL’s promoter, Subhash Chandra announced that he was willing to sell up to 50% of its equity stake in the company to a strategic partner. In January, Essel Group companies came under enormous selling pleasure with shares dropping by up to 33%.

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