Zee Entertainment promoters sell 11% stake to Invesco Oppenheimer

After nearly six months of negotiations with several strategic investors, which included Comcast and Sony Pictures, the Subhash Chandra-backed Essel Group has decided to sell 11 per cent promoter stake in Zee Entertainment (ZEEL) to Invesco Oppenheimer Developing Markets Fund.

Invesco Oppenheimer, one of the oldest investors in the company, already holds 8 per cent in ZEEL and has been an investor for about 17 years. The fund has now agreed to buy up to an 11 per cent stake in ZEEL from its promoters, for a total consideration of up to ₹4,224 crore, taking its stake in the company to 19 per cent. Punit Goenka, CEO at Zee Enterprises, told BusinessLine that he expects the deal to close before the end of August.