They said the entire amount raised through the stake sale would be used to repay promoter debt worth ₹13,000 crore. The sticking point could be the quantum of stake Chandra wants to retain in Zee. Essel Group holds a 41.62% stake in Zee, of which more than half is pledged with lenders, according to latest available data. “He (Chandra) wants to have at least a 20% stake in the company. A Zee spokesperson said the company does not comment on speculation.
Source: Mint March 13, 2019 19:30 UTC