Promoters help ZEEL’s Chandra to retain control: Report

A group promoters of Zee Entertainment Enterprises Ltd sold more than 14 crore shares in bulk deals on November 21, helping founder Subhash Chandra to retain control of India’s largest listed television network, according to a report by Mint.

International investors such as GIC Pvt. Ltd, BlackRock, HSBC Global, Fidelity India, Norges Bank, Marshall Wace, Wellington Management and local funds including SBI Mutual Fund and Reliance Mutual Fund bought the pledged promoter stake in ZEEL through a series of block deals on Thursday.

The sale helped ZEEL promoters raise Rs 4,343.18 crore, which will be used to repay creditors to whom Chandra had pledged shares.