Essel Group shares underneath strain; Zee Leisure, Dish TV down over 6%


Shares of Subhash Chandra-led Essel Group corporations had been underneath strain on Wednesday with Zee Leisure Enterprises (ZEE) and Dish TV India falling greater than 6 per cent every on the BSE. The autumn comes regardless of the group’s assurance that the stake sale technique of Zee Leisure Enterprises was at an “superior stage.”

Inventory worth of the group’s flagship firm ZEE slipped 7 per cent to Rs 343 in the course of the intra-day commerce, falling 21 per cent in previous 5 buying and selling days. The counter has seen big buying and selling volumes with a mixed 12.3 million shares altering palms until 10:29 am. Comparatively, on a median, lower than 13 million shares had been traded every day in previous two weeks on the NSE and BSE.

“The stake sale technique of Zee Leisure Enterprises Ltd undertaken by Essel Group, is in regular progress and at a complicated stage. The group can not share any further particulars at this stage as a result of confidentiality agreements,” Essel Group stated in a press release.

ZEE had introduced in November final yr that its promoters, led by Subhash Chandra, deliberate to promote as much as 50 per cent of their fairness stake within the firm to a strategic associate.

Equally, Dish TV India has plunged 8 per cent to Rs 29.15, down 19 per cent in the course of the previous 5 buying and selling classes. As compared, the benchmark S&P BSE Sensex has fallen 3 per cent within the month of Might up to now.

On January 25, Essel group corporations had come underneath large promoting strain, plummeting as much as 33 per cent, and suffered a mixed erosion of Rs 13,352 crore in market valuation.

In response to the shareholding sample as of March, 2019, the promoters’ holding in ZEE has declined by 342 share factors to 38.20 per cent from 41.62 per cent on the finish of Q3FY19. The promoters of ZEE have pledged 66.18 per cent of their stake within the firm as of March 31, 2019 in opposition to 59.37 per cent as of December 31, 2018.

Likewise, the promoters’ holding of Dish TV India has declined to 57.99 per cent in quarter ending March, 2019 from 60.83 per cent on the finish of the earlier quarter. Share pledging by promoters elevated to 94.60 per cent from 82.05 per cent throughout the identical interval.

The board of administrators of the corporate will meet on Might 27, 2019 to approve the audited monetary outcomes for the quarter and monetary yr ended on March 31, 2019.


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