Zee Entertainment shares zoom 18.5 per cent on promoters stake sale

PTI, Nov 21, 2019, 3:52 PM IST

New Delhi: Shares of Zee Entertainment Enterprises on Thursday zoomed 18.5 per cent after Essel Group said it is planning to sell 16.5 per cent stake in its flagship firm to meet its loan repayment obligations.

The scrip advanced 14.99 per cent to Rs 353.20 on the BSE. At the NSE, it jumped 18.56 per cent to Rs 364.

Subhash Chandra-led cash-starved Essel Group on Wednesday said it is planning to sell a 16.5 per cent stake in its flagship ZEE Entertainment Enterprises to financial creditors to meet its loan repayment obligations.

“Essel seeks to sell up to 16.5 per cent stake in ZEEL to financial investors to repay loan obligations to certain lenders for whose benefit such shares are currently encumbered and who have consented to such share sale by it,” the company said in a statement.

In September, the group had sold 11 per cent in ZEEL to Invesco-Oppenheimer fund for over Rs 4,224 crore and then retired debt worth Rs 4,000 crore.