The Essel Group is planning to sell 16.5% stake in Zee Entertainment Enterprises (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/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.
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