Essel Group is facing a cash crunch and is looking to sell most of its assets to reduce debt on its books.
A rating agency in 2018 had said that Essel Group’s financial stress is undeniable and that it may be running out of shares to pledge.
Zee Entertainment Enterprises' shares had plunged 33 percent intraday to hit the 44-month low of Rs 288.95 on January 25.
Piramal Group has an exposure of Rs 225 crore to Essel, which is covered by collateral.
Zee Entertainment Enterprises shares plunged 33 percent intraday on January 25 to hit the 44-month low of Rs 288.95.
Essel Group’s management has successfully arrived at an understanding with lenders which are having a pledge on the shares held by the promoters, the group said in a release.
Controversies and allegations are not new for Zee promoter Subhash Chandra. But every time, Chandra has managed to forge ahead. Will he succeed this time too?
Zee needs to evolve to capitalise on its strengths and be ahead of the curve. That’s where a strategic partnership in the areas where it doesn’t have core competencies would help
"Welcome 100 million dollar investment by a Temasek company in NIIF today in the Master Fund. This completes second close of NIIF," Garg tweeted.
A bench of Justice Sangita Dhingra Sehgal also exempted Kejriwal from personal appearance before a trial court on December 11 in the case.
The company would transfer 49 percent of its radio business, to Zee Media Corporation Ltd (ZMCL), which operates 11 news channels and publishes newspaper DNA, Reliance Capital said in a statement.
Essel Finance, which offers a range of financial services and products such as SME Business Loans, said the acquisition is part of its strategy to become a financial services conglomerate.
A VNO can lease bandwidth from operators to sell voice and data services to customers, like a retailer, under its own brand name. VNOs are allowed to provide own billing plans.
Shares of Den Networks rallied 5 percent intraday Monday. A media report indicated that Star India has entered the race to acquire Sameer Manchanda's company.
In a filing to the BSE, Zee Media said that its board in a meeting held today "took on record the resignation of Dr.Subhash Chandra as Director & Non-Executive Chairman of the Company with effect from May 24, 2016."
"EIL will be developing roads projects admeasuring 300 kms connecting various cities across West Bengal. Apart from this MoU, the company also agreed to explore the possibilities of investment in Tourism and Intelligent Power City sectors after pre-feasibility study," EIL said in a statement.
Chandra said the first project will be launched next month in Panchkula, Haryana at about Rs 1,500 per sq ft. The starting price of a flat will be Rs 15 lakh.
Advertising revenue has come in better-than-expected, jumping 35 percent to Rs 843.3 crore on annual basis. According to analysts polled by CNBC-TV18, ad revenue was expected to gain 26.5 percent on an annual basis due to sales traction in new channel &TV.
During the period, margins may decline 420 basis points at 24.5 percent against 28.7 percent year-on-year due to increased content and operational costs of the new channels. The management has indicated that it will improve sequentially.
"Startups are neither a bubble nor a complete game changer. I am sure the traditional things will survive, it (startups) will expand the market," Essel Group, Chairman, Subhash Chandra said last night at the Exchange4media Conclave.
"Zee Magic is a completely customised general entertainment channel for French audiences in Africa, showcasing French dubbed Indian movies, series, food and reality shows," the company said in a statement on Tuesday. The channel will be available on the Canal Plus Overseas platform from October 1.
According to the MoU, Essel group will support the CII National Mission on Smart Cities by providing necessary inputs for generating ideas for policy advocacy and promotion of smart city concepts among stakeholders.
There should be stricter entry checks and tighter regulations in place for ownership of news channels, says the chairman of Zee Entertainment Enterprise.
The Essel Group firm had posted a consolidated net loss of Rs 14.97 crore for the corresponding quarter last fiscal.
"According to the JV agreement, the land for the project will be provided by the Government of Rajasthan for solar park development, while Essel Group will implement the entire project which includes financing, technical support, operation and maintenance," Essel Group said.