TIL Desk/Business/New Delhi/ The Subhash Chandra-led Essel Group, expecting to raise more than the initial target from sale of its infrastructure assets, is looking at the option of selling a small stake in Zee Entertainment Enterprises Ltd (ZEEL) for raising funds to repay loans. The group may enter an agreement with a strategic investor at a later stage, sources close to the development said.
The promoters expect to get Rs 9,000-10,000 crore from the sale of their infrastructure assets. The earlier target was Rs 7,000 crore. Among the various options, the group could possibly ask the lenders for an extension of the September deadline and pay part of the Rs 13,000-crore dues.
With an extension, it expects to be in a better position to make a deal to sell part of its shares in ZEEL. If lenders refuse, the Chandras could consider striking a deal with financial investors, including private equity funds to sell around 10 per cent of stake in ZEEL. This, the group believes, will be enough at the current market cap to pay the remaining loan.
