Nearly 70 per cent of share gains for Zee came from its regional network.
Almost 15 channels of the 59 within its overall network are regional-language channels, with plans to fill key gaps in the future
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The litmus test for Goenka would be to take the financial investors, who've backed Zee, along with him even as he strives to weather the latest storm
independent directors Neharika Vohra and Sunil Sharma stepped down on November 22 and November 24, respectively, the company said
Zee also said it had a definitive plan in place to recover the outstanding amounts from Dish TV and Siti Cable, and that it was monitoring the situation closely
Zee said Chandra would continue to "mentor" the management, coming at a time when the promoter family has retained management control with only 5.9 per cent stake in the company
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Chandra will be non-executive director and 'mentor' to management
The Subhash Chandra-led cash-starved Essel Group on November 20 said it is planning to sell 16.5 per cent stake in its flagship ZEEL to financial creditors to meet its loan repayment obligations
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In the past three trading days, the stock of ZEEL has rallied 27 per cent, as compared to a 0.25 per cent decline in the Nifty 50 index.
While 1 per cent of the promoters' holding will still be pledged, analysts believe issues related to promoter debt will come to an end
Will sell 16.5% stake and retain 5.9%; promoters to retain management control
The downgrade in the rating inter alia factors the deteriorating financial flexibility of the group marked by an increased pledge of promoter holding and continuous volatility in share price movement
Sources familiar with the developments said following the sale of stake to a strategic investor, the promoters might have only 12 per cent, including the 10 per cent stake with VTB
Content inventory, related party transactions weigh on cash flows
The promoters of Essel group have got further extension from the lenders
The promoters had earlier sold their 11% stake in Zee to Oppenheimer
Rs 170-cr exceptional item provided for as related parties delayed payment