India: Subhash Chandra to sell another 16.5% stake in ZEEL to repay debt

Cash-strapped media mogul Subhash Chandra of the Essel Group is planning to sell a further 16.5% stake in his flagship company ZEE Entertainment Enterprises Limited (ZEEL) to meet repayment obligations, the company said Wednesday. The company added that part of this new stake sale – about 2.3% – will be sold to OFI Global China Fund, LLC and or its affiliates.