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Zee Entertainment stock rises over 11% as management convinces lenders not to sell shares

Updated : January 28, 2019 11:31 AM IST

The management said that their strategic partner has asked the firm to solve its issues with the lenders.

The development comes after the promoters and lenders of the group — comprising mutual funds, NBFCs and banks — held a meeting following the steep fall of the stock price of ZEE Entertainment Enterprises and Dish TV.

Mukesh Ambani-led Reliance Jio is likely to enter the race to buy half of promoter Subhash Chandra's stake in Zee Entertainment Enterprises, BS reported, citing unidentified sources.

Zee Entertainment stock was gaining in trade on Monday after the company's management arrived at an agreement with its lenders to not sell its stake if the valuation drops.

The stock rose 13 percent before the Indian markets opened and was gaining over 11 percent at around 10:40 AM.

The management, in a conference call held on Monday, said that its strategic partner has asked the firm to solve its issues with the lenders.

Zee said that it will now focus on finalising the deal with a partner.

The promoters' stake stands at 41 percent in comparison with 41.6 percent earlier.

It also added that the company will not provide further pledges to lenders and cleared that there are no pledges at international levels.

The development comes after the promoters and lenders of the group — comprising mutual funds, NBFCs and banks — held a meeting following the steep fall of the stock price of ZEE Entertainment Enterprises and Dish TV.

Zee Entertainment Enterprises, a television broadcasting and digital media company, fell 26.43 percent to close at Rs 319.35 on the Bombay Stock Exchange on Friday. Dish TV fell 32.74 percent to Rs 22.6 at close on the BSE on Friday.

The share fall pushed chairman Subhash Chandra on Friday to write an extraordinary letter to lenders, asking them not to react in an anarchical manner and to maintain patience, until the process of ZEE Entertainment’s stake sale was completed.

In November, Zee Entertainment said its promoters planned to sell some of its stake in the company and hired advisers to help transform the business into a global tech-media company. Zee said it will divest up to 50 percent of promoter stake to a strategic partner.

A Business Standard report on Monday said that Mukesh Ambani-led Reliance Jio is likely to enter the race to buy half of promoter Subhash Chandra's stake in Zee Entertainment Enterprises.

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