Zee promoter liability down to ₹4,000 crore as MFs sell pledged shares

The sale of Zee Entertainment’s pledged shares by mutual fund companies over the past few days has brought some respite to the company promoters as the overall debt has come down by ₹1,500 crore

As lenders including Kotak Mutual Fund and SBI Mutual Fund sold their pledged shares in Zee Entertainment, promoter debt owned to the group of lenders has automatically gone down by about ₹1,500 crore with remaining debt standing at ₹4,000 crore.

Other than the two lenders, remaining four lenders have agreed to grant an extension to Essel promoters until March 2020, allowing the group to look for a strategic investor.