Essel Group sells 15.7% stake in Zee Entertainment to repay lenders
Updated : November 21, 2019 04:30 PM IST
Zee Entertainment’s promoters Essel Group sold 15 crore or 15.72 percent shares via block trades to financial investors at Rs 304 per share against the floor price of Rs 277 per share, raising Rs 4560 crore.
Proceeds from the sale will be used to repay lenders who lent to the promoters against pledged shares.
Lenders who stand to recover their loan include VTB Capital (Rs 2000 crore), Birla MF (Rs 750 crore), HDFC PMS (Rs 550 crore), L&T Finance (Rs 250 crore), and ICICI Prudential (Rs 270 crore).
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