Stock Market

Zee Entertainment shares wobble after share sale by promoters

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NEW DELHI: Shares of Zee Entertainment Enterprises were swinging between gains and losses after it cracked over 4 per cent in early trade on Tuesday. Around 9:45 am, shares of the company traded almost flat at Rs 431.35 apiece. On Monday, the company said in a BSE filing that entities belonging to Subhash Chandra of Essel Group sold 76.35 lakh shares worth Rs 333 crore in Zee Entertainment in the open market between February 13, 2019, and March 29, 2019. According to multiple regulatory filings, promoter group entity Cyquator Media Services has sold 53.18 lakh shares of Zee, while Essel Corporate LLP sold 23.17 lakh shares in the entertainment company.

The company in a note to ETMarkets.com clarified that none of the lenders with whom the agreement has been reached have sold any shares.

"The understanding with the lenders stays firm and constant and the Group is thankful to them (lenders) for their support and trust," the statement read. Essel Groups promoters have been selling shares of its group companies since its crises started earlier this year.




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