In response to an ET query seeking comment on market speculation, an Essel group spokesperson said, “The stake sale process of Zee Entertainment Enterprises is in steady progress and at an advanced stage. Any additional details cannot be shared at this stage due to confidentiality agreements. Essel Group does not comment on any market rumours or speculations.”

Zee Entertainment Enterprises had announced in November last year that its promoters, led by Subhash Chandra, planned to sell up to 50 per cent of their equity stake in the company to a strategic partner.

As per a PTI report, Zee Entertainment and Dish TV, the companies from the Subhash Chandra-led Essel group, have their promoter pledging 66.2 per cent and 94.6 per cent of the ownership pledged, respectively.

From the companies that make the 50-share benchmark Nifty, Zee Entertainment leads with the highest pledge at 66.2 percent  

Promoters typically raise money for their other businesses by pledging a part of their holdings in listed entities as security.