Essel promoters sell shares over Rs 1,000 crore in six listed firms

The Essel group’s shares have been in major trouble in the stock markets over the last two weeks, having fallen more than 19 per cent since January 24 on the BSE.

Published: 05th February 2019 12:38 AM  |   Last Updated: 05th February 2019 09:12 AM   |  A+A-

Essel Group Chairman Subhash Chandra

Essel Group Chairman Subhash Chandra (File | PTI)

By Express News Service

NEW DELHI: Several Essel Group promoter entities disclosed on Monday that they had sold off some stock in many of the group’s listed firms on the open market, including flagship Zee Entertainment Enterprises (ZEEL) and Dish TV. The sales were made between January 25 and February 1.

According to multiple filings made to the stock exchanges on Monday, the listed firms which saw promoter entity stakes being sold were ZEEL, Dish TV, Zee Media Corporation, Siti Networks and Zee Learn. In ZEEL, Essel group entities Cyquator Media Services Pvt Ltd and Essel Corporate LLP sold 1.69 per cent and 0.85 per cent stock, bringing their shareholding to 23.44 per cent and 3.28 per cent respectively. According to reports, the promoter group could have raised more than Rs 800 crore from the sale in ZEEL alone.

Meanwhile, other promoter group firms sale sold shares in the group’s direct-to-home service provider Dish TV, like World Crest Advisors LLP which 0.86 per cent, Direct Media Distribution Ventures (0.80 per cent) and Veena Investments Pvt Ltd (0.35 per cent). In Zee Media Corporation, ARM Infra & Utilities Pvt Ltd and 25FPS Media Pvt Ltd sold 2.38 per cent and 3.09 per cent respectively. The same two firms sold 1.41 per cent and 3.09 per cent in Diligent Media Corporation Ltd, a group firm.

Arrow Media & Broadband Pvt Ltd sold 4.50 per cent stake in Siti Networks and Jayneer Infrapower & Multiventure Pvt Ltd sold 0.34 per cent stake in Zee Learn. In total, analysts say the group could have raised as much as Rs 1,000 crore from the open market sale of shares in all six listed firms.

The Essel group’s shares have been in major trouble in the stock markets over the last two weeks, having fallen more than 19 per cent since January 24 on the BSE. On Sunday, the group said it has secured a formal consent from its lenders who have taken pledged shares in Zee Entertainment Enterprises and Dish TV India to give it time until September 30 to deleverage or pare its debt.

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