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Invesco Oppenheimer buys 11% of Essel group's stake in ZEEL for Rs 4224 cr

After the additional stake buy, the fund's shareholding in ZEEL will rise to 19 per cent, while the promoters' stake will come down to 25 per cent

Subhash Chandra
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Subhash Chandra

Urvi Malvania Mumbai
Putting all speculation to rest, the Subhash Chandra-led Essel group on Wednesday said it had offloaded 11 per cent of the nearly 36 per cent promoter stake in Zee Entertainment Enterprises to existing investor Invesco Oppenheimer for Rs 4,224 crore.

The deal, at Rs 400 per share, values Zee at a premium of 10.6 per cent over the current market price and will be used to pay off part of the promoter-level debt, which stands at Rs 11,000 crore. On Wednesday, Zee closed trade at Rs 361.45 per share, down 5.18 per cent over the previous day’s close on the BSE.

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First Published: Jul 31 2019 | 6:39 PM IST

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