Accordingly, the planned stake sale in ZEEL to financial investors was conducted in order to repay loan obligations to certain lenders of the group.
"I am overwhelmed by the positive response received from our investors. Glad to share that the book was over-subscribed by approx. 3 times," ZEE Entertainment Enterprises' MD & CEO Punit Goenka.
"I am grateful to our lenders & investors for their trust. I remain committed to elevate ZEE to a global media & entertainment powerhouse!"
On Thursday, the company's scrip price at the BSE rose 12.40 per cent or Rs 38.10 to Rs 345.25 from its previous close of Rs 307.15.
Earlier this year, Essel Group had sold up to 11 per cent in Zee Entertainment to Invesco Oppenheimer Developing Markets Fund for Rs 4,224 crore.
According to sources, global investors such as GIC, Blackrock, Capital Research, SBI MF, HSBC Global, Segantii Capital, Marshall Wace, Norges Bank, Key Square, ICICI Prudential, Reliance MF and Welington Mgmt invested in the stake sale.
Post the transaction, the promoter stake in Zee Entertainment has been reduced to 5 per cent, which means that media baron Subhash Chandra will lose control of Zee Entertainment Enterprises Ltd.
Zee, considered the pioneer of television entertainment industry in India, was launched by Subhash Chandra in 1992. Ever since the launch year, the company expanded operations to enter packaging, infrastructure, education, precious metals, finance and technology sectors.
( With inputs from IANS )