Essel group lenders sell 7.25 million shares pledged by Zee promoters

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26 Aug, 2025 12:21

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Lenders to the Essel group have sold 7.25 million shares of Zee Entertainment Enterprises (ZEEL) that were pledged by its promoters. The sales were executed for over Rs 200 crore on September 23 as per data available on the National Stock Exchange (NSE).

The transaction was carried out on NSE by Catalyst Trusteeship, but the identity of the sellers and buyers are not known. It is being speculated that the lender could be Kotak Mutual Fund, reports CNBC-TV18.

Lenders who value the assets of ZEEL have agreed to grant more time to the group. The other lenders, who did not agree to an extension have exited through the sale, a source told Mint.

ZEE asked its lenders to extend its September 30 deadline for repayment of debt of around Rs 7,500 crore owed to few mutual funds and non-banking institutions. No decision has been taken on the extension yet and the regulator’s response is awaited.

The sale was made at Rs 281.75 per share and the stock closed at Rs 272.10 on the BSE on September 23. The stock fell almost 11 percent in intra-day trade following reports of a sell-off. As of June 30, the promoters held over 35 percent stake in the company. Of this, around 210 million shares were pledged.

As per reports, lenders to Zee have recovered nearly 50 percent of outstanding dues.

As of December 2018, the promoters have obligations of around Rs 13,000 crore to lenders, with borrowings by its businesses around Rs 16,237 crore. Subhash Chandra, Chairman of Essel Group, met Finance Minister Nirmala Sitharaman on September 23.