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HomeNewsNational NewsZEEL getting binding offers
Tuesday, 23 July 2019 05:32

ZEEL getting binding offers

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The media group on sale, ZEEL has got two binding offers. As per ZEEL MD and CEO Punit Goenka, ZEEL, which has already received an offer, expects to receive another offer in a couple of days. 

He said: “We already have one binding offer on the table at the moment and there is another one coming up. The family will evaluate and see how the transaction will impact our strengths to take a call soon.”

A few months back, he had said: “The stake sale process is expected to be concluded by July.”

ZEEL said the stake sale process is making steady progress and is at an advanced stage. ZEEL promoters led by Subhash Chandra plan to sell up to 50% of their equity stake in the company to a strategic partner.

This year in January, Essel Group chairman Subhash Chandra had promised that he will clear the debt of lenders by selling promoter stake in his crown jewel ZEEL.

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