Essel Group Completes 1st Tranche Of ZEEL’s Stake Sale To Invesco Oppenheimer Developing Markets Fund
The group had entered into an agreement to sell up to 11 per cent promoter stake in ZEEL to the Fund.
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Multi-faceted business conglomerate Essel Group (“the Group”), today announced the successful completion of the 1sttranche of ZEE Entertainment Enterprises Limited’s (ZEEL) stake sale to Invesco Oppenheimer Developing Markets Fund (“The Fund”).
As per the official communication issued on 31st July 2019, the Group had entered into an agreement to sell up to 11% promoter stake in ZEEL to the Fund.
Vide this Press Note, the Group wishes to confirm that the 1st tranche of the transaction comprising sale of 8.7% stake in ZEEL has been successfully concluded today. The Group is confident of completing the balance sale of 2.3% 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 the 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 to complete the same.