Essel sells 11 per cent promoter stakes in flagship firm ZEEL for Rs 4,224 crore

NEW DELHI: After nearly eight months of uncertainty, debt-ridden Essel Group on Thursday said it has agreed to sell 11 per cent of promoters’ stake in Zee Entertainment Enterprises Ltd (ZEEL) to US-based Invesco Oppenheimer Developing Markets Fund for Rs 4,224 crore. The sale, part of Essel’s deleveraging process, will provide some relief to the group’s promoters who have pledged shares worth around Rs 11,000 crore with mutual funds and other financial institutions.

The group had arrived at a standstill agreement with creditors in February, under which the promoters gained eight months to repay debt. “… 11 per cent stake sale of ZEEL to the Fund is a strong step in the overall divestment process,