Essel Group Announces Stake Sale In ZEEL
Essel Group announced that Invesco Oppenheimer Developing Markets Fund (hereafter referred to as “The Fund”) has agreed to make an additional investment in ZEE Entertainment Enterprises Limited (ZEEL). The Fund has agreed to buy up to an 11% stake in ZEEL from its promoters, for a total consideration value of up to Rs. 4,224 Crore.
Essel Group had initiated the process of divesting its key assets, with an aim to repay all the lenders by September 2019. During this divestment process, the Group has received positive response from multiple partners expressing interest to buy the stake in ZEEL and the other keyNon Media Assets.