The Essel Group, led by media baron Subhash Chandra, needed to repay lenders including some of India's top mutual funds, around ₹7,500 crore by September 30. Out of this, the group will repay a significant portion from the proceeds of an 11% stake sale in its flagship company Zee Entertainment Enterprises. In August, the promoters of Zee agreed to sell an 11% stake to an existing investor in the company, Invesco Oppenheimer Developing Markets Fund, for ₹4,224 crore.