News By/Courtesy: Saniya Akhtar | 06 Feb 2019 19:38pm IST

HIGHLIGHTS

  • The lenders have agreed there will not be any event of default declared till September 30, 2019, due to the movement in the stock price of Essel Group’s mentioned listed in corporate entities.
  • The Zee Entertainment stock has fallen 18 percent since 24th January and the Dish TV Ltd. shares have fallen 27 percent during the same period.
  • ZEE promoters hold 41.26 percent in the company, of which 59.37 percent are pledged with lenders.

After a detailed meeting of the Essel Group promoters with the lending entities comprising of Mutual Funds, NBFCs and Bank was conducted, a statement was issued by the group on Sunday where the Essel Group said, “as per the consent, the lenders have agreed there will not be any event of default declared till September 30, 2019, due to the movement in the stock price of Essel Group’s mentioned listed in corporate entities.” Thus the Subhash Chandra led group has got till September to bring in a strategic investor and deleverage. The Zee Entertainment stock has fallen 18 percent since 24th January and the Dish TV Ltd. shares have fallen 27 percent during the same period. ZEE promoters hold 41.26 percent in the company, of which 59.37 percent are pledged with lenders. Subhash Chandra said, “I am very positive, that we will continue to take such positive steps in rising up from the current challenging times, with the support of all stakeholders.” While A. Balasubramanian, CEO of Aditya Birla Sun Life AMC, holding a similar opinion about the agreement said, “I am very glad about the outcome of the meeting, which enabled us to arrive at a consensus, in the interest of all stakeholders.”

Section Editor: Priyanshu Gupta | 06 Feb 2019 22:50pm IST


Tags : #India#ZEE Group

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