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ZEEL shares surge over 6% on stake sale plan

twitter-logo PTI        Last Updated: February 6, 2019  | 19:32 IST

New Delhi, Feb 6 (PTI) Shares of ZEEL surged over 6 per cent Wednesday after the company said its promoters are open to sell over 50 per cent of their holdings as a part of their asset monetisation to repay debt. Zee Entertainment Enterprises Ltd (ZEEL) stock jumped 6.20 per cent to close at Rs 387.95 on the BSE. Intra-day, it zoomed 8.52 per cent to Rs 396.45. On the NSE, shares gained 6.19 per cent to end at Rs 388. ZEEL had announced in November last year that its promoters, led by Subhash Chandra, planned to sell up to 50 per cent of their equity stake in the company to a strategic partner. "Our intent has not changed...but if somebody is making an offer (to buy) beyond the 50 per cent stake we will look at it," ZEEL MD and CEO Punit Goenka said in an analysts' call. As on December 31, 2018, promoters held 41.62 per cent stake in ZEEL. On January 25, Essel group companies had come under massive selling pressure, plummeting up to 33 per cent. On January 26, Essel group Chairman Chandra said his company is in a financial mess and has blamed the same for the aggressive bets on infra, which has gone out of control since the IL&FS crisis and also the acquisition of Videocon's D2H business. PTI SUM SHW SHW

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