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Zee lenders begin strategic sale, promoter shares moved to escrow accounts

Sources familiar with the developments said following the sale of stake to a strategic investor, the promoters might have only 12 per cent, including the 10 per cent stake with VTB

Dev Chatterjee  |  Mumbai 

Shares of Zee Entertainment Enterprises, the flagship company of the Essel group, surged 19 per cent on Friday after its lenders transferred a majority of the promoter family’s pledged a stake to an escrow account, for a possible sale to a strategic investor. Promoter Subhash Chandra’s 22.37 per cent stake was pledged with a clutch of lenders.

The stake sale will now be led by bankers, said a person close to the development. A majority of the promoter’s stake was pledged with VTB Capital, mutual funds (MFs), and Indian banks. On October 15, VTB Capital announced ...

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First Published: Fri, November 01 2019. 23:22 IST
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