The Subhash Chandra-led Essel Group, promoter of Zee Entertainment, said it will sell 16.5 per cent of its shareholding in the media major to financial investors/
Essel Group informed this in a stock exchange filing on Wednesday. This is the company’s second attempt to raise funds to pay off promoter entity debt.
Following the transaction, the promoter stake in Zee will stand at a reduced 5 per cent.
Earlier this year, Essel Group sold up to 11 per cent in Zee to Invesco Oppenheimer Developing Markets Fund for Rs 4,224 crore.
These divestments in its flagship company, as well as some infrastructure assets, were prompted by large debt taken by Essel Group entities, The Quint reported.