Cyril Amarchand Mangaldas has advised India’s Essel Group on the sale of part of its stake in its ZEE Entertainment Enterprises for 42.24 billion rupees ($614.19 million) to Invesco Oppenheimer Developing Markets Fund, which was counselled by Nishith Desai Associates.
According to Reuters, the deal to comes as the founders of Essel Group reduce their stake in ZEE in a bid to pay off a debt of about 110 billion rupees by September this year. Oppenheimer Developing Markets Fund already owned 7.74 percent of Zee Entertainment at the end of June quarter, according to regulatory filings.
The CAM team was led by managing partner Cyril Shroff and partners Akila Agrawal, Mukul Sharma and Ishita Khandelwal.
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