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Zee Entertainment falls 10% amid reports of a lender selling pledged shares

As per reports, Zee's lenders have received nearly 50 percent of outstanding dues from the company.

September 23, 2019 / 03:54 PM IST
 
 
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Extending their losing streak into the sixth consecutive session, shares of Zee Entertainment Enterprises closed at Rs 272.10, down 9.63 percent on BSE on September 23.

In the last six sessions of losses, the stock has retreated by over 22 percent.

The stock cracked almost 11 percent intraday following reports that a lender had sold a part of the company’s pledged shares in the open market.

There was speculation that the lender could be Kotak Mutual Fund. CNBC TV18, however, reported that Kotak MF did not respond to its query regarding the development.

As per reports, lenders to Zee have received nearly 50 percent of outstanding dues from the company.

Zee Entertainment is engaged with lenders on optimising value from an asset sale and the promoters have requested that the September 30 deadline for the repayment of debt be extended.

No decision has been taken on the extension for which Sebi's response will also be needed.

Chairman of Essel Group, which owns Zee Entertainment, Subhash Chandra met Finance Minister Nirmala Sitharaman on September 23.

Moneycontrol News
first published: Sep 23, 2019 03:32 pm

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