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Subash Chandra to cede control of Zee Entertainment
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SME Times News Bureau | 20 Nov, 2019
The Subhash Chandra-led Essel group on Wednesday said that it is
planning to sell 16.5 per cent stake in Zee Entertainment Enterprises
Limited (ZEEL) to financial investors in order to repay loan obligations
to certain lenders of the group.
After this transaction, the
promoter stake in Zee Entertainment will be reduced to 5 per cent, which
means that media baron Subhash Chandra will lose control of Zee
Entertainment Enterprises Ltd.
Zee, considered to be the pioneer
of television entertainment industry in India, was launched by Subhash
Chandra in 1992. Ever since the launch year, the company expanded
operations to enter packaging, infrastructure, education, precious
metals, finance and technology sectors.
"The Group seeks to sell
up to 16.5% 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)," the Essel Group said.
Earlier this year,
Essel Group sold up to 11 per cent in Zee Entertainment to Invesco
Oppenheimer Developing Markets Fund for Rs 4,224 crore.
"Out of
the aforesaid, the Group seeks to sell 2.3 per cent stake in ZEEL to OFI
Global China Fund, LLC and/or its affiliates. Pursuant to the
aforementioned transactions, the post-transaction overall holdings of
the Group in ZEEL will be 5%, out of which encumbered holdings of the
Group will reduce to 1.1% of ZEEL," it added.
Prior to
Wednesday's announcement, Subhash Chandra's Essel Group companies held
22.37 per cent promoter stake in Zee. Of this, 21.48 per cent was
pledged as collateral against finances availed by Essel Group firms.
Post
the completion of the transaction announced on Wednesday by the
company, Oppenheimer Developing Markets Fund and OFI Global China will
together hold 18.74 per cent.
ZEEL closed higher by 7.89 per cent at Rs 307.15 apiece on the BSE on Wednesday.
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