Subhash Chandra planning to sell stake in Zee Entertainment

11:31:00 AM, Thursday 21st of November 2019 | in business

Subhash Chandra-led Essel Group on Wednesday revealed that it is planning to sell a 16.5% stake in Zee Entertainment Enterprises Limited (ZEEL) to financial investors in order to repay loan obligations to certain lenders of the group. Chandra's stake will be reduced to 5% after the transaction and he will lose control of Zee Entertainment Enterprises. Essel Group companies held a 22.37% promoter stake in Zee before the announcement.