Essel Group looks to sell minority stake as lenders sell shares

Debt-ridden Essel group is looking to sell a minority stake in broadcaster Zee Entertainment to a financial investor . The sale may happen by the end of July to meet immediate payment obligations and will be in addition to its ongoing efforts to find a strategic buyer. The sale of a minority stake to a financial investor will take care of the immediate debt owed to mutual funds and banks. In the meanwhile, Lenders to Essel Group sold ₹600 crore worth of Zee Entertainment Enterprises Ltd.’s shares pledged as collateral in April and May.