Market

Zee Entertainment slips 11% on uncertainty over extension of September 30 deadline

Updated : September 20, 2019 10:55 AM IST

At 09:37 am, Zee Entertainment's stock price was trading 5.33 percent lower at Rs 292.40 per share on the NSE.

Intraday, the share price plunged by 10.96 percent to day's low of Rs 275.

Zee Entertainment slips 11% on uncertainty over extension of September 30 deadline

Shares of Zee Entertainment Enterprises fell 11 percent on Friday continuing its four-day losing streak amid lack of clarity on the Essel Group firm’s request for an extension to clear the debt.

At 09:37 am, Zee Entertainment's stock price was trading 5.33 percent lower at Rs 292.40 per share on the NSE. Intraday, the share price plunged by 10.96 percent to day's low of Rs 275.

Sources on Thursday told CNBC-TV18 that Zee promoter met MF lenders for an extension of the September 30 deadline for the repayment of debt. However, no decision has been taken on the extension for which Sebi's response would also be needed, the sources said.

LiveMint, however, citing sources, reported on Friday that Essel Group chairman Subhash Chandra has secured a six-month extension from lenders to repay debt.

"Essel Group’s asset divestment process is on the right track. We are in constant dialogue with the lenders seeking their inputs and feedback on optimising the value output from the asset sale. We have certainly discussed the point pertaining to the extension as well, purely in the interest of deriving the right value for the precious assets. The lenders have noted our view and have been extremely supportive. Once the decision on the extension point is finalised, we will certainly apprise all the concerned stakeholders. I would also like to thank all our esteemed investors and shareholders for their trust in the intrinsic value of our assets," Punit Goenka, MD and CEO, ZEEL, said.

The extension request came after a Delhi High Court-appointed arbitrator restricted Chandra from selling unpledged shares of Zee till October 16.

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