Essel Group said the stake sale process of Zee Entertainment Enterprises Ltd. is at an advanced stage.
“The stake sale process of Zee Entertainment Enterprises Ltd. undertaken by Essel Group, is in steady progress and at an advanced stage,” Essel Group said in a statement.
The group cannot share any additional details at this stage due to confidentiality agreements, it added.
Zee Entertainment Enterprises had announced in November last year that its promoters, led by Subhash Chandra, planned to sell up to 50 percent of their equity stake in the company to a strategic partner.
On Jan. 25, Essel group companies had come under massive selling pressure, plummeting up to 33 percent, and suffered a combined erosion of Rs 13,352 crore in market valuation.
On Jan. 26, Essel group Chairman Chandra said that his company is in a financial mess and has blamed the same for the aggressive bets on infra, which has gone out of control since the IL&FS crisis and also the acquisition of Videocon’s D2H business. Apologizing to lenders, Chandra also said some negative forces are out to sabotage his efforts to raise money through a strategic sale in the flagship company Zee Entertainment Enterprises.―Bloomberg Quint