Anand Mahindra took to Twitter to back Zee Entertainment promoter Subhash Chandra as the company navigates through a change of hands. Mahindra lauded Chandra's accomplishments and stated that for someone of his stature it is a stumble that will not deter him or his entrepreneurial courage.
"Subhash Chandra saw the future of Indian Television & single-handedly created the country's first media & entertainment empire. One stumble will not deter him & his entrepreneurial courage has always been admirable. May he steer his ship to safe harbour," stated Anand Mahindra.
Investors bought a 15.7 per cent stake in the company on Thursday. Chandra, whose stake in the company has reduced to 5 per cent as per data on National Stock Exchange, will continue to have management control of the company for now, as per reports.
On Thursday foreign funds including GIC Pvt Ltd, BlackRock, HSBC Global, Wellington Management as well as SBI Mutual Fund and Reliance Mutual Fund bought the pledged promoter stake in ZEEL.
Subhash Chandra started India's first satellite TV channel Zee TV in 1992. Currently the network consists of up to 90 channels and reaches up to 1.3 billion people across 174 countries. Chandra is known as the pioneer of Indian television.
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