Essel Group lenders sold Rs 600 crore worth of Zee Entertainment Enterprises Ltd.’s shares pledged as collateral by Subhash Chandra-led promoters in April and May. Zee Entertainment, however, didn’t disclose which entity sold the pledged stake.
While lenders had agreed to a standstill with the Essel Group, not all mutual funds, including Reliance Mutual Fund, were part of the pact.
The shareholding of Cyquator Media Services Pvt. Ltd., a promoter group firm, declined from 22.80 percent in the broadcaster as of March to 21.15 percent by June 7, according to exchange filings.
Read EquityPandit’s Technical Analysis of Indian Stock Market 
Nearly 1.58 crore shares were sold since April 1. These are worth Rs 600 crore based on the average stock price in April and May. The bulk of these was offloaded by Catalyst Trusteeship Ltd., Axis Trustee Services Ltd. and IDBI Trusteeship Services Ltd. on behalf of the debenture holders.