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HomeNewsBusinessEssel Group to sell up to 16.5% stake in Zee Entertainment to financial investors: Report
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Essel Group to sell up to 16.5% stake in Zee Entertainment to financial investors: Report

The stake sale will be to clear loan obligations to certain lenders of the group.

November 20, 2019 / 18:10 IST
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Essel Group plans to sell 16.5 percent stake in its flagship company  Zee Entertainment Enterprises to financial investors, CNBC-TV18 reported.

The stake sale will be to clear loan obligations to certain lenders of the group.

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Of the 16.5 percent, 2.3 percent will be sold to OFI Global China Fund -- a subsidiary of Invesco Oppenheimer Developing Markets Fund -- which already held 8.7 percent stake in the media company.

Invesco Oppenheimer Fund – one of the oldest investors of Zee – had in August agreed to buy out an additional 11 percent stake in Zee from its promoters for Rs 4,224 crore. The fund already held a 7.74 percent stake in Zee as of June 2019.