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Zee founders sell 5 million shares to US investor

Founders of India's leading listed private television network Zee Telefilms have sold five million shares to a US-based institutional investor to partly pay for their liability of Rs 2.2 billion to the company.

A group official said the founders will get about Rs 600 million from the sale.

A statement from the Essel Group of companies to which Zee Telefilms belongs, said the shares were sold to a long-term investor but did not name it.

The Essel statement said the founders had earlier repaid Rs 600 million and the proceeds from the sale of these five million shares would reduce the founders' liability further.

Zee shares closed up 11.6 per cent at Rs 108.65 (provisional) at the Bombay Stock Exchange while the benchmark index gained over two per cent.

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