Promoter group entities pledge shares in ZEEL, Zee News

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Promoter group entities pledge shares in ZEEL, Zee News

Zee Entertainment Enterprises (ZEEL) today said seven promoter group entities have pledged more than 11 crore shares of the company.

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Zee Entertainment Enterprises (ZEEL) today said seven promoter group entities have pledged more than 11 crore shares of the company.

At the end of June quarter, as many as 1,10,985,852 shares were pledged, according to a regulatory filing today.

Based on today's closing price of Rs 128.60 a piece on the Bombay Stock Exchange, these pledged shares of ZEEL would be worth over Rs 1,427 crore.

ZEEL is a part of diversified Essel Group.

A company spokesperson did not immediately offer any comments on share pledging.

Promoter group entities -- Ashok Kurien, Ganjam Trading Company, Churu Trading, Sushila Goel, Prajatma Trading, Veena Investment and Premier Finance Trading Company -- had pledged over 11 crore shares as on June 30.

As per the filing, the pledged shares accounted for about 11.35% of ZEEL's total outstanding shares.

In a second filing today, ZEEL said that promoter group firm Veena Investments has pledged an additional 7,12,251 shares on July 1. With this, Veena Investment has pledged over 1.8 crore shares of ZEEL.

On July 1, three promoter group entities -- Premier Finance Trading & Company, Churu Trading and Prajatma Trading -- have together revoked 22,11,026 shares of ZEEL, according to the second filing.

Another Essel Group firm Zee News in a separate filing today said that two of its promoter group entities -- Churu Trading and Prajatma Trading -- have pledged over five crore shares of the company as on June 30.

These pledged shares make up for nearly 21% of Zee News total outstanding shares.

Calculated on Zee News' closing price of Rs 11.91 today, these shares would be worth more than Rs 59 crore.