The stake sale process of Zee Entertainment Enterprises is at an advanced stage and the company is in talks with multiple parties.
The company is expected to finalise the deal within six to eight weeks and all the lenders are on board, said Managing Director and CEO Punit Goenka, adding that the company has two term sheets from buyers for the stake.
In March, CNBC-TV18 reported that Zee promoters were in talks with US media giant Comcast and Japanese multinational conglomerate Sony Corporation to sell over 50 percent of their holdings in the firm. Sony submitted a term sheet and was seen as a strong contender. However, differences over valuation and structuring have made Comcast a stronger contender than Sony.
Goenka refused to divulge details of the stake sale talks. The firm's first priority will be to repay the debt on the promoters' balance sheet.
Shares of Zee Entertainment on Tuesday fell as much as 8.7 percent, after an analyst report said the firm was among the highest in promoter share pledges of March. The company touched its three-month low in the previous trade session. But the CEO clarified that no pledged shares were sold on Tuesday.
First Published: IST