Earlier in July, the group had entered into an agreement to sell up to 11% promoter stake in ZEEL to Oppenheimer.
The promoters of the multi-faceted business conglomerate Essel Group have been progressing well on their commitments to repay lenders comprising mutual funds and non-banking financial companies (NBFCs).
The overall asset divestment initiatives undertaken by the promoters reaffirm the group's approach to generate adequate liquidity to complete the repayment exercise. Working actively on further divestments, including its non-media assets, the group is confident about meeting its commitments to the lenders.
The group, on Tuesday, said that it has successfully completed the first tranche of ZEE Entertainment Enterprises Limited's (ZEEL) stake sale to Invesco Oppenheimer Developing Markets Fund. Earlier in July, the group had entered into an agreement to sell up to 11% promoter stake in ZEEL to Oppenheimer.
"The group wishes to confirm that the first tranche of the transaction comprising the sale of 8.7% stake in ZEEL has been successfully concluded. The group is confident of completing the balance sale of 2.3% stake over the next few days. The group is working towards timely completion of operational formalities in order to conclude the entire transaction at the earliest," it said in a statement.
In a challenging business environment, where other companies are defaulting on payments to lenders, Essel Group has been able to initiate meaningful discussions and negotiate with potential financial investors to raise funds from the market. With asset sale deal closures in the past few months, the group has ensured timely repayments to the market while continuing to grow its businesses.
The Essel Group has a diverse business presence across media and entertainment, real estate, infrastructure, education, finance, precious metals, technology and tourism sectors. It has not only built and expanded new businesses but has also built a formidable and exemplary position across these businesses in a short span. The group has now grown to become a strong diversified entity in India and across the globe with presence in 173 countries.
Current Deal
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First tranche of the transaction comprising the sale of 8.7% stake in ZEEL has been successfully concluded
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| Group is confident of completing balance 2.3% stake sale in next few days. In July, the group struck a deal with Oppenheimer for a 11% promoter stake sale |
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 "Essel Group")
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