In September, the group had sold 11 per cent in ZEEL to Invesco-Oppenheimer fund for over Rs 4,224 crore and then retired debt worth Rs 4,000 crore.
Zee, considered to be the pioneer of television entertainment industry in India, was launched by Subhash Chandra in 1992.
The 2005-founded morninger will close down its print editions in the financial capital and Ahmedabad and retain only the digital media operations.
Amid rumours doing rounds about Chandra leaving the country, Goenka on Sunday took to Twitter to clarify that his father is in Mumbai.
Subhash Chandra-led Essel Group has secured an extension in the time granted to pay back loans borrowed from several mutual fund houses.
DEBT-ridden Essel Group said on Tuesday that it has completed the first tranche of a 11 per cent stake sale in its flagship Zee Entertainment Enterprises Ltd (ZEEL).
While it has got Rs 4,224 crore from the sale, the rest of the money needed to meet its Rs 11,000 crore debt obligation still needs to be raised.
The group had arrived at a standstill agreement with creditors in February, under which the promoters gained eight months to repay debt.