Invesco Oppenheimer buys 11% of Essel group’s stake in ZEEL for Rs 4224 cr

Putting all speculation to rest, the Subhash Chandra-led Essel group on Wednesday said it had offloaded 11 per cent of the nearly 36 per cent promoter stake in Zee Entertainment Enterprises to existing investor Invesco Oppenheimer for Rs 4,224 crore.

The deal, at Rs 400 per share, values Zee at a premium of 10.6 per cent over the current market price and will be used to pay off part of the promoter-level debt, which stands at Rs 11,000 crore. On Wednesday, Zee closed trade at Rs 361.45 per share, down 5.18 per cent over the previous day’s close on the BSE.

After tax, the deal would be valued at Rs 4,000 crore, said Punit Goenka, managing director, Zee Entertainment.