The 4,224-crore deal will help Essel Group to partially meet debt obligations of about 12,000 crore.
Media baron Subhash Chandra’s Essel Group has sealed a deal with private equity fund Invesco Oppenheimer Developing Markets Fund, which will pick up 11% stake in Zee Entertainment Enterprises Ltd. (ZEEL) for 4,224 crore. The proceeds will help the group, which was scouting for an investor for months, to partially meet its debt obligations.
Oppenheimer, which already has 7.74% stake in ZEEL, will buy 11% from the promoter group. By inference, this works out to 400 per share, a 10.6% premium to Wednesday’s closing price. The promoters of ZEEL currently hold 35.79%.
Still, the group has a long way to go to bring down debt, which will stand at around 8,000 crore post the deal.
‘Strong step’ “
Bu hikaye The Hindu dergisinin August 01, 2019 sayısından alınmıştır.
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Bu hikaye The Hindu dergisinin August 01, 2019 sayısından alınmıştır.
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