Zee stake sale to be completed by July, says Punit Goenka

NEW DELHI: Media and entertainment firm Zee Entertainment Enterprises Ltd (ZEEL) that is in advanced stages of its stake sale process has said that there will be a formal announcement in place by July.

“We are progressing well and with political uncertainty behind us, we hope to sign a binary agreement by July,” ZEEL managing director and chief executive officer Punit Goenka said over a conference call with analysts on Monday. Goenka who had previously claimed that the deadline for the sale had been pushed beyond April 2019, declined to share any other details.

Zee Entertainment Enterprises had announced in November last year that its promoters, led by Subhash Chandra, planned to sell up to 50% of their equity stake in the company to a strategic partner.