No default due to Zee Entertainment stock price movement: CEO Punit Goenka

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. The total debt relating to loans against shares stands at Rs 13,500 crore. Goenka also reiterated that the Zee Entertainment stake sale is expected to conclude by April.

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