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Zee stake sale at advanced stage, progressing steadily: Essel Group

The group cannot share any additional details at this stage due to confidentiality agreements, it added

Press Trust of India  |  New Delhi 

ZEE appoints Animesh Kumar as chief people officer

said Tuesday the stake sale process of Entertainment Enterprises is at an advanced stage.

"The stake sale process of Entertainment Enterprises Ltd undertaken by Essel Group, is in steady progress and at an advanced stage," said in a statement.

The group cannot share any additional details at this stage due to confidentiality agreements, it added.

Entertainment Enterprises had announced in November last year that its promoters, led by Subhash Chandra, planned to sell up to 50 per cent of their equity stake in the company to a strategic partner.

On January 25, had come under massive selling pressure, plummeting up to 33 per cent, and suffered a combined erosion of Rs 13,352 crore in market valuation.

On January 26, Essel group Chandra said that his company is in a financial mess and has blamed the same for the aggressive bets on infra, which has gone out of control since the IL&FS crisis and also the acquisition of Videocon's business.

Apologising to lenders, Chandra also said some negative forces are out to sabotage his efforts to raise money through a strategic sale in the flagship company Zee Entertainment Enterprises.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Tue, May 07 2019. 21:15 IST
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