Punit Goenka, MD & CEO of Zee Entertainment, spoke to CNBC-TV18 about the stake sale, sale of pledged shares, business outlook.

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Goenka confirmed on Wednesday that there was no sale of pledged shares yesterday.

Shares of Zee Entertainment Enterprises fell as much as 8.7 percent to Rs 337.05 after an analyst report said that the company was among the highest in promoter share pledges as of March.

Goenka added that the stake sale process was underway and that the company was in advanced stages of dealing with multiple parties.

“I can confirm that I have received multiple non-binding term sheets already and we are well within the timeline to close even before the deadline of September 30,” said Goenka, adding that they currently have two non-binding offers.

“We are well within the timeline of the stake sale,” Goenka said. He also confirmed that all the lenders are on board and have given them the timeline of announcing the deal by July 30 and consummating the deal by September 30.

He said their first priority post the deal would be to repay all the debt on the promoters’ balance sheet.

Goenka also confirmed that there were no auditor issues. “The auditors are doing the audit as we speak and yesterday we have also issued the date of our board meeting for announcing results,” he said, adding that results will be announced on May 27.