New Delhi, Nov 22 (IANS): Days after Subhash Chandra-led Essel Group announced its plan to sell 16.5 per cent stake in ZEEL to financial investors in a bid to repay certain loan obligations, industy honcho and Mahindra Group Chairman Anand Mahindra on Friday praised Chandra's "entrepreneurial courage" and said that one incident will not be able to deter him.

Showing support towards Chandra, whose business has been struggling with debt for quite some time, Mahindra noted that he had single-handedly created India's first media and entertainment empire.

"Subhash Chandra saw the future of Indian Television and single-handedly created the country's first media & entertainment empire. One stumble will not deter him & his entrepreneurial courage has always been admirable," he tweeted.

"May he steer his ship to safe harbour," he added.

The stake sale in Zee Entertainment Enterprises Ltd attracted major global investors such as GIC, Blackrock and HSBC Global, sources said. Post the transaction, the promoter stake in Zee Entertainment Enterprises Ltd has been reduced to 5 per cent, which means that media baron Subhash Chandra will lose its control.

Punit Goenka, the MD & CEO of ZEEL, tweeted on Thursday: "I am over whelmed by the positive response received from our investors. Glad to share that the book was over-subscribed by approx. 3 times."

"I am grateful to our lenders & investors for their trust. I remain committed to elevate ZEE to a global media & entertainment powerhouse," he wrote.