Essel Group completes 1st tranche of ZEEL’s stake sale to Invesco Oppenheimer
Multi-faceted business conglomerate Essel Group has announced the successful completion of the first tranche of stake sale of Zee Entertainment Enterprises Ltd (ZEEL) to Invesco Oppenheimer Developing Markets Fund.
As per an official communication issued on July 31, 2019, Essel Group had entered into an agreement to sell up to 11 per cent promoter stake in ZEEL to Invesco Oppenheimer.
In a press note issued, Essel Group confirmed, “The first tranche of the transaction, comprising sale of 8.7 per cent stake in ZEEL has been successfully concluded. The Group is confident of completing the balance sale of 2.3 per cent 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 Essel 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 of completing the same.