Es­sel Group to sell 50% in ZEEL

India Business Journal - - CORPORATE -

En­ter­tain­ment-toe­d­u­ca­tion con­glom­er­ate Es­sel Group has said that it will di­vest up to 50 per cent stake in its sub­sidiary, Zee En­ter­tain­ment (ZEEL), to raise cap­i­tal for ex­pan­sion and trans­form the com­pany into a global me­dia player. It has ap­pointed Gold­man

Sachs In­dia as an in­vest­ment banker, while US and Europe-based LionTree will be the in­ter­na­tional strate­gic ad­viser for this ex­er­cise. "The pro­posed trans­ac­tion is ex­pected to ad­dress the Es­sel Group's cap­i­tal al­lo­ca­tion pri­or­i­ties and will al­low ZEEL share­hold­ers to cap­ture the full value of In­dia's largest en­ter­tain­ment broad­caster with a strength­en­ing bou­quet," the com­pany has said in a me­dia re­lease.

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