July 31, 2019 / 1:16 PM / 25 days ago

Oppenheimer Fund picks up stake in India's Zee Entertainment Enterprises

BENGALURU, July 31 (Reuters) - Essel Group on Wednesday said Invesco Oppenheimer Developing Markets Fund will buy an additional 11% stake in ZEE Entertainment Enterprises Ltd for 42.24 billion rupees ($614.19 million).

The deal here comes on the back of efforts by conglomerate Essel Group, which runs Zee Entertainment Enterprises, aiming to pay off debt by September this year.

$1 = 68.7735 Indian rupees Reporting by Chandini Monnappa in Bengaluru; editing by Uttaresh.V

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