Print this page
Friday, 22 November 2019 14:25

ZEEL promoters sell 15.7% stake to raise Rs 4343.18 crore

email this page

The media group ZEEL’s promoters have sold 15.7% stake (14.28 crore shares) to raise Rs 4343.18 crore.  At Rs 277 per share, the floor price of shares was set at a 10% discount to Wednesday’s closing price of Rs 307 apiece.

Promoters Essel Media Ventures, Cyquator Media Services, and Essel Corporate LLP sold 6.94 crore, 6.16 crore, and 1.18 crore shares respectively. As a result, the promoter holding in ZEEL has fallen to 5%.

A group of institutional investors bought the stake; the list includes Government of Singapore (2.85 crore), Societe Generale (1.66 crore), JNL Invesco Global Real Estate Fund (82.5 lakh), Key Square Master Fund II LP (60 lakh), Norges Bank On Account Of The Government Pension Fund Global (70 lakh), and Smallcap World Fund INC (76.73 lakh).

ZEEL MD & CEO Punit Goenka, said: “I am overwhelmed by the positive response received from our investors. Glad to share that the book was over-subscribed by approximately 3 times. I am grateful to our lenders and investors for their trust and support. I remain committed to elevate ZEE to a global media & entertainment powerhouse.” 

As reported, on 20th November, the Essel Group had said it is planning to sell an additional 16.5% stake in Zee Entertainment Enterprises Limited (ZEEL) to financial investors in order to fulfill its debt repayment obligations. The group will sell a 2.3% stake in ZEEL to OFI Global China Fund, LLC and/or its affiliates.

Earlier too, Essel Group had sold an 11% stake in ZEEL for Rs 4,224 crore to Invesco Oppenheimer Developing Markets Fund. 

email this page

Share this post

Submit to DeliciousSubmit to DiggSubmit to FacebookSubmit to Google PlusSubmit to StumbleuponSubmit to TechnoratiSubmit to TwitterSubmit to LinkedIn
X

Right Click

No right click