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Zee Entertainment says lenders have agreed to give a six-month extension to repay debt

Updated : October 01, 2019 04:31:08 IST

Subhash Chandra's Zee Entertainment Enterprises Ltd (ZEEL) on Tuesday said lenders have agreed to give a six-month extension to repay debt.

In an interview to CNBC-TV18, Punit Goenka, chief executive officer, said, "Zee is working with lenders with all options to explore and find a solution on the stake sale and the resolution stake sale that we had proposed of another 10 percent."

"The delay was purely on account of getting the Oppenheimer deal closed as that itself took us little over the anticipation. We have a lot of interest in the stock even during before the September 30th deadline. However, we realised that it may not be possible to complete the entire stake sale and hence we sought the extension."

Further, Goenka said the total amount due to the Indian lenders is approximately Rs 5,000 crore.

Speaking about the sale of Zee Infra, he said, “Lot of deals are in pipeline. In fact, not just solar projects, but even the road projects are at the negotiation stage with several parties. I am pretty confident even those will take place well before the March 2020 deadline."
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