India, Sept. 11 -- Subhash Chandra-led Essel Group Tuesday announced completion of the first tranche of ZEE Entertainment's stake sale, which is 8.7 per cent, to Invesco Oppenheimer Developing Markets Fund.

Besides, Essel group is also working actively on further divestments including its non-media assets, Essel group said in a regulatory filing.

Earlier on July 31 this year, Essel Group had announced to sell 11 per cent promoter stake in Zee Entertainment Enterprises Ltd (ZEEL) to Invesco Oppenheimer for Rs 4,224 crore.

"The group wishes to confirm that the 1st tranche of the transaction comprising sale of 8.7 per cent stake in ZEEL has been successfully concluded today," it said.

The company further said: "The group is confident of co...