Essel Group completes 1st tranche of ZEEL’s stake sale to Invesco Oppenheimer
The Group had entered into an agreement on July 31 to sell up to 11 per cent promoter stake in ZEEL to the Invesco Oppenheimer Fund
Business conglomerate Essel Group has announced the successful completion of the 1st tranche of ZEE Entertainment Enterprises Limited’s (ZEEL) stake sale to Invesco Oppenheimer Developing Markets Fund.
As per the official communication issued on July 31, the Group had entered into an agreement to sell up to 11 per cent promoter stake in ZEEL to the Fund.
A press note from Group said that it ‘wishes to confirm that the 1st tranche of the transaction comprising sale of 8.7% stake in ZEEL has been successfully concluded today. The Group is confident of completing the balance sale of 2.3% stake over the next few days. The Group is working towards timely completion of operational formalities in order to conclude the entire transaction at the earliest. This development reaffirms the Group’s positive progress on its overall asset divestment approach undertaken, to generate adequate liquidity for the repayment process. The Group is also working actively on further divestments including its non-media assets and remains confident to complete the same.’
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