Following months of speculation, the promoters of Indian media giant Zee Entertainment Enterprises said Wednesday that the company will sell an additional 11 percent stake to U.S. financial investor Invesco Oppenheimer Developing Markets Fund.
Last November, Zee's largest shareholder, Essel Group, said it was looking to sell up to half of its 42 percent stake in the company to a strategic partner in a bid to reduce the parent group's debt by selling assets. "We started out with the intention of selling 20 percent stake in Zee and nine percent is still on the table," Zee managing director and chief executive Punit Goenka was quoted stating in theWithout giving further details he added, "There are people who are approaching us and engaging with us. Now the floor price is set. I am confident of selling that [the nine percent stake] too and repaying all the lenders by Sept. 30.
For the financial year 2018, Zee posted total revenues of $95 million registering a compound annual growth rate of 12.6 percent over the last five years.
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