Subhash Chandra is selling 11% of Zee Entertainment to Invesco to pay down debt. The father of Indian television needs to convince his shareholders he still knows best, ugalani writes:
An investment fund has agreed to buy 11% of India’s Zee Entertainment Enterprises, valuing the country’s top television network at 384 billion rupees , the broadcaster announced on July 31.
Invesco Oppenheimer Developing Markets Fund agreed to pay 42.2 billion rupees to buy the stake from the top shareholder and his affiliates, increasing its stake to almost one fifth. Media mogul Subhash Chandra and his affiliates owned 36% of Zee Entertainment as of June, and more than 60% of those shares were pledged or otherwise encumbered.
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