Essel Group repays half the debt to MFs & NBFCs

MUMBAI: Subhash Chandra’s Essel Group has repaid more than half its debt to mutual funds and non-banking finance companies, said a person familiar with the matter.

Last month, the Essel Group had raised ₹4,200 crore by selling an 11% stake in Zee EntertainmentNSE 0.12 % to global fund Invesco Oppenheimer.

Nearly ₹3,700 crore has been transferred to mutual funds and NBFCs on Friday, said the person.

An Essel Group spokesperson declined to comment.

About half a dozen fund houses have a total exposure of nearly ₹6,300 crore to the group, with shares of companies such as Zee, Dish TVNSE 1.79 % and Essel Infrastructure as collateral.