In a 4424 crore deal, Invesco Oppenheimer Acquires 11% Stake in Essel Group

According to a stock filing, Subash Chandra of the Essel Group has agreed to divest 11 % stake of Zee Entertainment Enterprises Ltd to Invesco Oppenheimer Developing Markets Fund (The Fund). As of June, The Fund already owned 7.74 % of Zee Entertainment

The further divestment of 11% now is done with the aim of paying back all its lenders by September. With this move which was decided upon in November last year, Zee Entertainment’s ownership will now fall to around 25% while The Fund stands to gain around 18% of the same. The sale will have no impact on the management and strategy of Zee Entertainment. With this divestment now, the Essel Group has to realize another 6776 crores of  repayment before September of 2019 either via sale of shares or projects, as per there agreement with the NBFC and mutual fund lenders.