The episode increased the urgency for Chandra to sell as much as half of Essel’s 42 percent stake in Zee, according to Nirmal Gangwal, founder at advisory firm Brescon & Allied Partners LLP. The shares that Essel is putting up for sale are valued at about $1 billion, based on the latest closing prices.
‘It is critical for Zee to find a definitive buyer for the proposed sale to arrest erosion of value of the company,’ Gangwal said.