New Delhi: Subhash Chandra-led Essel Group Tuesday announced completion of the first tranche of ZEE Entertainment's stake sale, which is 8.7 per cent, to Invesco Oppenheimer Developing Markets Fund.
Besides, Essel group is also working actively on further divestments including its non-media assets, Essel group said in a regulatory filing.
Earlier on July 31 this year, Essel Group had announced to sell 11 per cent promoter stake in Zee Entertainment Enterprises Ltd (ZEEL) to Invesco Oppenheimer for Rs 4,224 crore.
"The group wishes to confirm that the 1st tranche of the transaction comprising sale of 8.7 per cent stake in ZEEL has been successfully concluded today," it said. The company further said: "The group is confident of completing the balance sale of 2.3 per cent stake over the next few days."
Essel group, which is facing a debt of over Rs 11,000 crore, said it was working for "timely completion of operational formalities in order to conclude the entire transaction at the earliest". Moreover, Essel group is also working to offload promoters stake on further divestments, which also include its non-media assets.
"The group is also working actively on further divestments including its non-media assets and remains confident to complete the same," the filing said. "This development reaffirms the group's positive progress on its overall asset divestment approach undertaken, to generate adequate liquidity for the repayment process".
Under the deal, the Atlanta-based Invesco, which already has been an investor since 2002 with a 7.74 per cent holding, will increase its shareholding by another 11 per cent by paying Rs 4,224 crore.
