On Friday, Share of Zee Entertainment, a part of the Subhash Chandra led Essel Group, continued their losing and tanked nearly 10 per cent to hit a five year low of Rs 277 on BSE.
With 11 days to go for Essel promoters to redeem the pledge on shares of Zee Entertainment by repaying loans to mutual funds and non-banking finance companies, some mutual funds are against granting more time. Shares of Zee Entertainment have been pledged by the promoters to raise money for the group’s infrastructure projects. On September 19, the share price closed down 7.90 per cent or Rs 26.50 at Rs 308.80. The Delhi High Court-appointed arbitrator had restricted Essel Group Chairman Subhash Chandra from selling unpledged ZEEL shares till October 16, as per the reports.
On 18th September the promoters of Zee met MF lender for extending the deadline till 30th September. No decision has been taken on the extension for which SEBI response would also need, as per media source.
Read EquityPandit’s Nifty Outlook for the Week