Zee Entertainment falls 8% amid reports of a lender selling pledged shares


Extending their losing streak into the sixth consecutive session, shares of Zee Entertainment Enterprises closed at Rs 278.50, down 7.51 percent on BSE on September 23.

The stock cracked almost 11 percent intraday on BSE amid reports that a lender has sold part of pledged shares of the company in open market.

There are speculations that the selling lender could be Kotak Mutual Fund, however, CNBC TV18 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 for the extension of September 30 deadline for the repayment of debt.

No decision so far has been taken on the extension for which Sebi’s response would also be needed.

Meanwhile, Essel Group Chairman Subhash Chandra today met Finance Minister.

news Source: moneycontrol

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