Essel Group seeks to sell up to 16.5% stake in ZEEL to financial investors
The Group has said in a statement that it seeks to sell 2.3% stake in ZEEL to OFI Global China Fund, LLC and or its affiliates
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Published: Nov 20, 2019 5:48 PM | 1 min read
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Essel Group seeks to sell up to 16.5% 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% stake in ZEEL to OFI Global China Fund, LLC and/or its affiliates.
Post the above transactions, the overall holdings of the Essel Group in ZEEL will be 5%, out of which encumbered holdings of the Group will reduce to 1.1% of ZEEL.
This development reaffirms the Group's 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 media, non-media assets and remains confident to complete the same.
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