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Last Updated : Sep 10, 2019 02:58 PM IST | Source: CNBC-TV18

Essel Group repays Rs 2,374cr to MFs from first-tranche of stake sale in ZEE: Report

In July, Essel Group sold an 11 percent stake in ZEE Entertainment to Invesco Oppenheimer Developing Markets Fund in a deal worth Rs 4,224 crore.

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Billionaire Subhash Chandra-led Essel Group repaid about Rs 2,374 crore to lenders including mutual funds following the first-tranche stake sale, multiple people aware of the development told CNBC-TV18 on September 10.

HDFC Mutual Fund received Rs 580 crore, ICICI Prudential got Rs 435 crore, Aditya Birla Sun Life got Rs 760 crore while Kotak Mutual Fund has received Rs 599 crore from the Zee group promoters, which sold a stake in flagship Zee Entertainment in July.

As per the transactions, HDFC MF has so far received 50 percent of the total outstanding dues from Zee, Aditya Birla Sun Life about 45 percent, ICICI Prudential 60 percent while Kotak 52 percent.

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In July, Essel Group sold an 11 percent stake in ZEE Entertainment to Invesco Oppenheimer Developing Markets Fund in a deal worth Rs 4,224 crore.

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First Published on Sep 10, 2019 02:58 pm
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