Invesco Oppenheimer Developing Markets Fund has agreed to buy up to 11 per cent stake in Zee Entertainment Enterprises Ltd (ZEEL) for Rs 4,224 crore, Essel Group said on Wednesday.
The Fund will buy the stake from promoters of ZEEL, it said in a statement.
"Essel Group had initiated the process of divesting its key assets, with an aim to repay all the lenders by September 2019. During this divestment process, the Group has received positive response from multiple partners expressing interest to buy the stake in ZEEL and the other key non media assets," it said.
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