Zee Entertainment plunges 8% after arbitrator restricts promoter from selling stake

Shares of Zee Entertainment Enterprises plunged over 8 percent intraday on September 19 following reports that the promoter had been restricted from selling stake in the media company.

According to reports, the Delhi High Court-appointed arbitrator had restricted Essel Group chairman Subhash Chandra from selling unpledged ZEEL shares till October 16.

Zee promoters met MF lenders on September 18 for extending the September 30 deadline. No decision has been taken on the extension for which SEBI response would also be needed, CNBC-TV18 quoted sources as saying.

Essel Group told CNBC-TV18 that the group was in constant dialogue with the consortium of lenders. The overall asset divestment approach was in steady progress and it remained focussed on the repayment process.

At 1246 hours, Zee Entertainment Enterprises was quoting at Rs 307.20, down Rs 28.10, or 8.38 percent, on the BSE.

Source : http://tiny.cc/hhi0cz

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