Essel Group has sold an 11 percent stake in ZEE Entertainment Enterprises Ltd. (ZEEL) to Invesco Oppenheimer Developing Markets Fund in a deal worth Rs 4,224 crore on Wednesday.

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Essel Group announced the development in a press release.

Invesco Oppenheimer Developing Markets Fund is an investment company registered with the US Securities and Exchange Commission (SEC), and has a long history of investing in India as a financial investor, the press release stated.

Punit Goenka, managing director and CEO, ZEE Entertainment Enterprises Ltd, said: “I’m extremely glad to share that the Fund as a Financial Investor has further reposed its faith in ZEEL.

"It also gives me immense pleasure to note their strong belief and trust in the intrinsic value of our precious asset. It is the valuable belief and support of our esteemed financial investors that enables us to consistently generate great value, year after year.”

Essel Group has been looking to divest its stake in ZEEL in a bid to pay off its debt and aims to repay its lenders by September 2019.

"Along with ZEEL, Essel Group is also in the process of divesting some of its non-media assets," the release stated.

First Published:Jul 31, 2019 6:43 PM IST