Zee Entertainment share price extends gains after deal with lenders

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Published: February 6, 2019 11:30:38 AM

Share price of Zee Entertainment Enterprises jumped in trade on Wednesday, after the Subhash Chandra promoted firm’s deal with its lenders.

Subhash Chandra, Essel group, Nityank lnfrapower, Zee Entertainment Enterprise, ZEEL, Essel Group entitiesBSE benchmark Sensex jumped over 250 points and NSE Nifty breached the 11,000 mark in early trade Wednesday.

Share price of Zee Entertainment Enterprises jumped in trade on Wednesday, after the Subhash Chandra promoted firm’s deal with its lenders. The shares gained by more than 8 per cent to Rs 398 on NSE. Essel group’s promoter entities have sold shares worth over Rs 1,050 crore in six listed group firms in the open market between January 25 and February 1, 2019.

According to multiple regulatory filings by different promoter group entities of Essel group, shares of Zee Entertainment Enterprises, Dish TV, Zee Media Corporation, Siti Networks Ltd and Zee Learn were sold in open market, according to a PTI report.

Also read: Share Market Live: Sensex extends gains, Nifty near 11,000; Zee Entertainment zooms 9%; ICICI Bank up 1%

Promoters of Essel Group and lenders that have a pledge on promoter’ shares have agreed that there will not be any event of default due to a movement in the stock price of Zee Entertainment, Punit Goenka, chief executive officer, informed investors on Monday. This will give the group time to complete sale of its key assets.

Meanwhile, BSE benchmark Sensex jumped over 250 points and NSE Nifty breached the 11,000 mark in early trade Wednesday led by gains in IT and metal stocks amid heavy buying by domestic and foreign institutional investors.

The 30-share index was trading 255.89 points, or 0.70 per cent, higher at 36,872.70. Similarly, the 50-share NSE Nifty reclaimed the 11,000 mark, rallying 81.40 points, or 0.74 per cent, 11,015.75.

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