Subhash Chandra

ZEE has also appointed R Gopalan as chairman, who has served as additional director of the company since November 2019.

The paper, which was in the form of NCDs, was backed by shares of Zee Entertainment Enterprises, Dish TV India, unlisted shares of EIL and the personal guarantee of Subhash Chandra.

Moon Capital Management has asked Chandra to offload the majority stake he and his Essel Group holds in Zee Learn LtdMoon Capital, which oversees more than $2 billion in long-short equity strategies, has been a Zee Learn shareholder since 2015

The deal for the debt-laden firm’s projects is likely to be valued at up to ₹1,800 croreThe deal comes at a time when private investors in the roads sector have turned cautious

The fund, one of India’s largest asset managers, has already 'side-pocketed' its assets under management in three schemesEssel Infraprojects had put up six road assets for sale in Jan

Chandra will continue as a non-executive director, while his son will continue as MD and CEO of ZEELThe resignation paves the way for the firm’s transition to an institutionally managed entity

He will continue as a non-executive director; Subhash Chandra, Punit Goenka to continue on Zee Board as Essel Group representativesZee board appoints six independent directors; all the appointments will have to be approved by the shareholders

Following this, Chandra will lose controlling interest in ZEELAt 1230 pm, the ZEEL stock was over 10% higher at ₹338.50 per share on the NSE

Sale will see Essel Group’s stake plunge to around 5% in the firmThe 16.5% stake includes a 2.3% stake which is in the process of being sold to OFI Global