Have one binding offer with us for stake sale: Punit Goenka, ZEEL MD and CEO

Punit Goenka has said Zee Entertainment Enterprises Limited expects another offer in the next few days

e4m by exchange4media Staff
Updated: Jul 24, 2019 9:46 AM

Zee Entertainment Enterprises Limited (ZEEL) MD and CEO Punit Goenka said during the Q1 2019 earnings conference call that the company was closer to finalising a deal for its stake sale, media reports said.

Goenka said the group has one binding offer and expects another in the next few days. 

“I accept that we have received two non-binding term sheets. Out of that, we now have one binding offer with us, we are expecting to receive another binding offer over the next few days. Once both the offers are on the table, the family will evaluate and take a decision,” Goenka was quoted as saying. 

Reports said Goenka also clarified ZEE Media will not be part of any stake sale process because of the FDI norms. “On the offer on stake sale, I am expecting the second offer to come in a matter of days. If that offer was not to come in, then we will be of course going with the binding offer that we already obtained. But I am quite hopeful that the second offer will also come in,” he was quoted as saying.

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