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US-based Invesco-Oppenheimer Developing Markets Fund has agreed to pick up 11% stake in Zee Entertainment, the flagship media company of Subhash Chandra’s Essel Group.
The stake sale will be for a total consideration value of up to ₹4,224 crore.
Nishith Desai Associates acted for Invesco-Oppenheimer Developing Markets Fund and the team was led by Simone Reis, with other team members being Kishore Joshi, Prithvi Vardhan and Prashant Prakhar.
Cyril Amarchand Mangaldas advised Zee Entertainment and Essel Group and the team was led by Managing Partner Cyril Shroff along with Partner Akila Agrawal.
The proceeds from the stake sale will go towards paying off loans worth ₹13,000 crore that the Essel group has across various group companies, particularly in infrastructure, and will also help avert a looming default of ₹7,000 crore of payments to mutual fund investors in September, reported Mint.