Zee Entertainment shares zoom 18.5% on promoters' stake sale to meet loan repayment obligations

New Delhi: Shares of Zee Entertainment Enterprises on Thursday zoomed 18.5 percent after Essel Group said it is planning to sell 16.5 percent stake in its flagship firm to meet its loan repayment obligations. The scrip advanced 14.99 percent to Rs 353.20 on the BSE.

At the NSE, it jumped 18.56 percent to Rs 364. Subhash Chandra-led cash-starved Essel Group on Wednesday said it is planning to sell a 16.5 percent stake in its flagship ZEE Entertainment Enterprises to financial creditors to meet its loan repayment obligations. “Essel seeks to sell up to 16.5 percent stake in ZEEL to financial investors to repay loan obligations to certain lenders for whose benefit such shares are currently encumbered and who have consented to such share sale by it,” the company said in a statement. In September, the group had sold 11 percent in ZEEL to Invesco-Oppenheimer fund for over Rs 4,224 crore and then retired debt worth Rs 4,000 crore.