Zee Entertainment shares extend gains after deal with lenders; recover 34% from 52-week lows
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Shares of billionaire Subhash Chandra-backed Zee Entertainment Enterprises gained in trade on Tuesday morning, after the firm on Monday told investors that lenders had allowed the Essel Group time till “beyond April 2019” to repay its dues. Zee Entertainment Enterprises shares rallied by more than 4% to Rs 388. According to Chief executive officer of Zee Entertainment Enterprises Punit Goenka, lenders have agreed to wait till the stake sale in Zee, expected in April, is completed. Moreover, lenders had promised not to sell any more pledged shares. Goenka said almost 97% of lenders had agreed to the new timeline. “We do not see lenders invoking pledged shares,” he said.
“They assured investors that business fundamentals remain intact and progress is on track over the promoter’s stake sale and the Essel Group’s stressed asset sale,” analysts at Nomura wrote referring to Friday’s call with investors.
Earlier, Shares of Zee Entertainment rebounded Monday from a 33.5% fall in the last session on Friday, the firm denied any role in demonetisation-related deposits being probed by the SFIO. The share price climbed nearly 20 % at intra-day highs yesterday, scripting the biggest single day gain since February 2007. The shares fell to Rs 288.30 on Friday, their worst fall in a day since making their debut in 1995. At today’s high of Rs 388, while the shares have recovered about 34% from their 52-week low hit following the rout on Friday, the shares are still trading about 12% lower than Thursday’s close of Rs 433.80, data sourced from BSE showed.
The shares of Dish TV and Zee Entertainment plunged in trade on Friday afternoon, after reports that Essel Group’s name has emerged in a demonetisation related probe by SFIO. Following the development, Zee Entertainment Enterprise and Dish TV on Sunday denied links with Nityank lnfrapower and Multiventures Ltd, a company being probed by the SFIO for suspicious demonetisation deposits, as claimed in a media report. Zee Entertainment Enterprise Ltd (ZEEL), in a regulatory filing, said Nityank lnfrapower and Multiventures Ltd is an “independent company and does not belong to Essel Group.”
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