Around 142.87 million equity shares (representing 14.87 per cent stake of ZEEL) changed hands on the NSE through block deals, the exchange data shows.
Will sell 16.5% stake and retain 5.9%; promoters to retain management control
Goenka, who is the elder son of Essel group promoter and Zee chairman Subhash Chandra, has been MD of the media firm since January 1, 2010.
Sources familiar with the developments said following the sale of stake to a strategic investor, the promoters might have only 12 per cent, including the 10 per cent stake with VTB
The financing squeeze has already taken a toll on the country's economic expansion, which in turn erodes borrowers' capability to repay further
The fund houses had an outstanding of over Rs 11,000 crore from Essel Group
Subhash Chandra-led group is fighting to avert a crisis as selling pressure on the Zee stock continues
Shares of publicly traded firms with a large portion of equity pledged as collateral risk abrupt declines should lenders move to recover their dues
After the additional stake buy, the fund's shareholding in ZEEL will rise to 19 per cent, while the promoters' stake will come down to 25 per cent
Comcast, partners make offer for stake in Subhash Chandra's Zee Ent plan to snap up a 51% stake in the media company.
The crisis at Essel might precipitate the future proofing one of India's largest media companies.
The challenge is how to counter the irrational behaviour some companies - the likes of Netflix and Amazon - are displaying, says Punit Goenka
According to the deal, if the merger failed, the advanced amount of Rs 1,626 crore becomes payable
Says he can service debt only after ZEEL stake sale, accepts mistakes made
Chandra said that he would be able to repay the entire dues of the Essel Group only after he sells his stake in ZEEL
The first ship under the brand will sail from Mumbai in April 2019, following the traditional naming ceremony of the 2,000 passenger vessel
With investment of $100-125 mn, Zen Cruises to make maiden journey by 2019
Mix of politics, business imperatives seems to be driving media baron's current aggression of news
Chandra also said that the complaints were based on "whimsical assumptions" without a shred of evidential backing
Chandra, an independent candidate supported by the BJP, scraped through amid political drama during the vote count