Essel International sells 2.86 lakh shares of Zee Entertainment

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Published: October 30, 2019 12:20 AM

Post the transaction, Essel International holds about 0.14% stake in Zee Entertainment, BSE data show. Shares of ZEEL closed Tuesday's session down 0.73% at Rs 236.45 on the BSE.

Latest shareholding data on BSE show that promoters of ZEEL hold 22.37% stake in the firm.Latest shareholding data on BSE show that promoters of ZEEL hold 22.37% stake in the firm.

Essel International, one of the promoters of Zee Entertainment Enterprises (ZEEL), has sold over 2.68 lakh shares of ZEEL through market sale on October 22, according to a disclosure on the Bombay Stock Exchange.

The sale was made at a value of over Rs 6.75 crore, indicating that the average price of the share stood at Rs 251.72. Post the transaction, Essel International holds about 0.14% stake in Zee Entertainment, BSE data show. Shares of ZEEL closed Tuesday’s session down 0.73% at Rs 236.45 on the BSE.

Punit Goenka, CEO of ZEEL, had disclosed earlier this month that over 90% of the promoter holding in the company was pledged. In early October, VTB Capital had disclosed that an encumbrance was created on 10.71% shares of ZEEL held by Essel Media Ventures.

Recently, VTB Capital, representing a clutch of lenders to the Essel Group, said it had acquired the right to direct the disposal of the 10.71% stake in ZEEL held by Essel Media Ventures.

“For the avoidance of doubt, VTBC would willingly cease all enforcement action and release the encumbrances upon repayment of the amounts outstanding under the facility. We are hoping to reach a satisfactory resolution with the obligors/promoters,” said a BSE filing.

The Essel Group has been in the process of divesting its key assets to repay all its lenders. In July, ZEEL had announced that Invesco Oppenheimer Developing Markets Fund had agreed to buy up to 11% stake in ZEEL from its promoters, for a total consideration value of up to Rs 4,224 crore. The first tranche of the transaction, comprising the sale of 8.7% stake in ZEEL, was concluded in September.

Latest shareholding data on BSE show that promoters of ZEEL hold 22.37% stake in the firm.

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