Essel Group on 7th May said that the stake sale process of Subhash Chandra’s Zee Entertainment Enterprises Ltd. is at an advanced stage.
Meanwhile, the share price of ZEEL crashed in the 8th May market after Reliance Mutual Fund sold its entire holding in the company, in the open market. The holding was worth about Rs. 430 crore as on 31st December, 2018. In late January and early February, the promoters of Zee group had entered into agreements with many mutual funds and other lenders – which had shares of group companies as collateral for those debts – to not sell their shares for about six months. Reliance MF was the only fund house which did not sign the agreement.