New Delhi, Sep 10 (IANS) The Subhash Chandra-led Essel Group said it has completed the first tranche of ZEE Entertainment Enterprises (ZEEL) stake sale to Invesco Oppenheimer Developing Markets Fund on Tuesday.
The company had entered into an agreement to sell up to 11 per cent promoter stake in ZEEL to the fund.
“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,” Essel Group said in a statement.
“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.”
Essel expressed confidence over its ability to generate adequate liquidity for the repayment process.
“This development reaffirms the Group’s positive progress on its overall asset divestment approach undertaken, to generate adequate liquidity for the repayment process,” the statement said.
Along with ZEEL, Essel Group is also in the process of divesting some of 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 statement added.