Indian conglomerate company, Essel Group proclaimed that the Invesco Oppenheimer Developing Markets Fund has decided to buy an additional share of up to 11 per cent in Zee Entertainment Enterprises Ltd. for INR 4,224 crore, according to a media report.
The stake sale is part of the groups overall divestment process and will its promoters start repaying its debt, Zee Entertainment said in its statement, as reported by the daily news, VC Circle.
In the previous year, Subash Chandra, Chairman of Essel Group, began dispossessing assets in an attempt to pay off lessors by September 2019.
The Invesco Oppenheimer fund has been a financial investor in the company since 2002. The fund held a 7.74 per cent stake in the company at the end of June, stock-exchange data showed. Promoter group entities owned a 35.79 per cent stake in Zee, the media company told the daily news.
It is also in the process of divesting some non-media assets and aims to complete the overall process of debt repayment well within the agreed timeline with the lenders, Essel Group told the daily news.
According to media reports, the aggregate debt that Essel Group has to pay is between INR 16,000 crore to INR 17,000 crore.