The deal between Essel group, promoters of Dish TV and Bharti Airtel has been reportedly called off due to differences over valuation.
The Essel group is now in talks with a global financial investor, which has no operations in the country, to pick up half their stake.
The cash generated from the deal will be used by Essel group to buy back 5 per cent in Zee Entertainment Enterprises (ZEEL) over the next 12 months. According to industry sources, it expects to get around Rs 20 billion from the deal.
The promoters of ZEEL are also in talks with a US-based strategic investor to pick up a 26 per cent stake in the company. According to industry sources, the potential investor is willing to allow the promoters to manage the company as part of the tentative discussions.
The first offer to buy the Zee shares will be given to the existing financial investors. The existing investors are Oppenheimer with a 19.86 per cent stake, as well as GIC with 10 per cent, besides others.