Subhash Chandra’s Essel Group agreed to sell stake in Zee Entertainment Enterprises Ltd. to Invesco Oppenheimer, helping promoters of India’s largest broadcaster repay lenders. Invesco Oppenheimer Developing Markets Fund will acquire up to 11 percent stake in Zee from its promoters for Rs 4,224 crore, according to a stock exchange filing. “The announcement of 11 percent stake sale of ZEEL to the Fund is a strong step in the overall divestment process, giving the promoters the required fillip to initiate the repayment process,” the filing said. — Bloomberg Quint

Cyril Amarchand Mangaldas advised Zee, led by partner Akila Agrawal and managing partner Cyril Shroff.

Nishith Desai Associates leader Simone Reis advised Invesco Oppenheimer Developing Markets Fund.