Subhash Chandra to give up control of Zee Entertainment

Subhash Chandra is set to lose control of Zee Entertainment. The promoters of Essel group on Wednesday announced the selling of a 16.5 per cent stake in Zee Entertainment (ZEEL) to financial investors, including OFI Global China Fund, in a move to repay its debt.

“The Group seeks to sell up to a 16.5 per cent stake in ZEEL to financial investors, in order to repay loan obligations to certain lenders of the Group for whose benefit such shares are currently encumbered (and who have consented to such share sale by the Group),” Zee Entertainment said in a statement.

Of the 16.5 per cent stake, Essel group will sell about 2.3 per cent in Zee Entertainment to OFI Global China Fund, LLC and/or its affiliates.