The Essel Group ("Group") is planning to sell ~16.5% stake in ZEE Entertainment Enterprises Limited ("ZEEL") to financial investors.
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). Out of the aforesaid the Group seeks to sell ~2.3% stake in ZEEL to OFI Global China Fund, LLC and lor 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.
This development reaffirms the Group's positive progress on its overall asset divestment approach, undertaken to generate adequate liquidity for the repayment process. The Group is also working actively on further divestments including its medial non-media assets and remains confident to complete the same.
Shares of ZEE ENTERTAINMENT ENTERPRISES LTD. was last trading in BSE at Rs.307.15 as compared to the previous close of Rs. 285.75. The total number of shares traded during the day was 1808684 in over 20756 trades.
The stock hit an intraday high of Rs. 310.2 and intraday low of 283.05. The net turnover during the day was Rs. 542714880.