Essel said: “The Group wishes to confirm that the 1st tranche of the transaction comprising the sale of 8.7% stake in ZEEL has been successfully concluded today. 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 added that the development reaffirms the positive progress on its overall asset divestment approach undertaken, to generate adequate liquidity for the repayment process. The Group is also working actively on further divestments including its non-media assets and remains confident to complete the same.
As reported earlier, Essel Group had in July 2019 announced that Invesco Oppenheimer Developing Markets Fund (The Fund) has agreed to make an additional investment in ZEEL. The Fund has agreed to buy up to an 11% stake in ZEEL from its promoters, for a total consideration value of up to Rs 4,224 crore. Invesco has paid Rs 400 a share for ZEEL which is a 10.7% premium to ZEEL’s 31st July closing price of Rs 361.45 on BSE.