MUMBAI: Multi-faceted business conglomerate Essel Group on Tuesday announced the successful completion of the first tranche of ZEE Entertainment Enterprises Limited's (ZEEL) stake sale to Invesco Oppenheimer Developing Markets Fund.

On 31 July 2019, the group had entered into an agreement to sell up to 11 per cent promoter stake in ZEEL to the fund.

The Subhash Chandra-led Group has now completed the sale of 8.7 per cent stake in ZEEL as part of the first tranche. 

Essel is confident of  completing the balance sale of 2.3 per cent stake over the next few days.

The company is working towards the timely completion of operational formalities in order to conclude the entire transaction at the earliest.

This development reaffirms the media and entertainment giant’s positive progress on its overall asset divestment approach undertaken, to generate adequate liquidity for the repayment process. 

The group is also working actively on further divestments including its non-media assets and remains confident to complete the same.