Lenders ink formal agreement giving them greater control over developments at Zee
Reserve Bank of India circular issued in February 12 last year is expected to hit the standstill proposal by the Essel group promoters
As part of its earlier plan in November, Subhash Chandra and family had announced that they were willing to sell up to 50% of their 41.6 % stake in the company
ZMCL said that since last few quarters, it is having good performance and remains committed to create value for its stakeholders
In Zee's case, pledged shares account for 24.71 % of the total equity of the company, which is 59.37% of promoter stake
Experts say instances of lower share cover can backfire for fund houses as markets remain in a bearish phase
Company reaches agreement with lenders to not invoke pledged shares; lenders offer 3 months to Zee Entertainment to find strategic partner
ZEEL MD Punit Goenka said the moratorium for repayment of loans had been extended beyond April 2019 and that the agreement with lenders was a structured, time-bound and consolidated one
With growth prospects strong, valuations are 45% lower than 10-year average
RIL, said experts, would be able to consolidate its presence in the OTT and broadcasting space, with an investment in ZEEL
The move came following fears of a likely invocation of pledged shares by lenders on Monday after a steep fall in the stock price of Zee Entertainment Enterprises and DishTV
Of the 3 infra assets on the block, one is nearing completion, and the rest will be done in the next 3 to 6 months
On Friday, the stocks of Essel Group-promoted companies - ZEEL, and Dish TV found themselves in the freefall after the news report was published
MFs have high exposure on debt side; Nearly Rs 50,000 cr public money at stake
News reports said that the company was in talks with firms including Sony Pictures to sell half of their holding in the entity.
Dena Bank, ICICI Securities, ICICI Prudential, Minda Inds, Nilkamal, Shankara Building Products, BASF India and Tata Elxsi were among 22 stocks from the S&P BSE 500 index hitting their respectively.
Launched in February 2018, ZEE5 had 56.3 million monthly active users, according to Zee's quarterly update, with an average watch time of 31 minutes a day
The stock was up 4 per cent to Rs 476 on Wednesday, extending its Tuesday's 2 per cent gain on the BSE.
The company indicated that it would continue to grow its advertising revenues faster than the industry
Deal structure, choice of partner coming into the company are key factors