ZEE tranche one sale done

Mumbai: Essel Group said it has part-completed its promoter stake sale in Zee Entertainment Enterprises, and is working on more divestments to pay off the Rs 13,000 crore owed to lenders.

The group said it has sold 8.7% of its holding in ZEEL, and will be executing the sale for remaining 2.3% stake in the next few days. It had in July announced plans to raise Rs 4,224 crore from the sale of 11% ownership of ZEEL to the US-based Invesco Oppenheimer Developing Markets Fund.

The Essel Group is in self-admitted financial difficulties since the NBFC crisis, as a slew of its non-media bets, including infrastructure, roads and power went awry and it was unable to refinance debt on the same.

"The Group is also working actively on further divestments including its non-media assets and remains confident to complete the same," it said.

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