'One stumble will not deter him', says Anand Mahindra in support of Subhash Chandra

Coming out in support of Subhash Chandra, Chairman of Mahindra Group, Anand Mahindra put out a Twitter post, saying that the Zee Entertainment promoter will not be deterred by “one stumble”

In his Twitter post, Mahindra said: "Subhash Chandra saw the future of Indian Television single-handedly created the country's first media entertainment empire. One stumble will not deter him his entrepreneurial courage has always been admirable. May he steer his ship to safe harbour."

exchange4media has reported about Essel Group seeking to sell up to 16.5 per cent stake in ZEEL to financial investors, in order to repay loan obligations to certain lenders of the Group for whose benefit such shares are currently encumbered and who have consented to such share sale by the Group.

Out of the aforesaid, the Group seeks to sell 2.3 per cent stake in ZEEL to OFI Global China Fund, LLC and/or its affiliates, a statement released by ZEEL said.

Post the above transactions, the overall holdings of the Essel Group in ZEEL will be 5 per cent, out of which encumbered holdings of the Group will reduce to 1.1 per cent of ZEEL, the statement said.

The company has said that this development reaffirms the Group's positive progress on its overall asset divestment approach, undertaken to generate adequate liquidity for the repayment process and that it is also working actively on further divestments including its media, non-media assets and remains confident to complete the same.

Subhash Chandra saw the future of Indian Television & single-handedly created the country’s first media & entertainment empire. One stumble will not deter him & his entrepreneurial courage has always been admirable. May he steer his ship to safe harbour..https://t.co/7E8zFfdOZs

— anand mahindra (@anandmahindra) November 22, 2019