 "Eros promoters pledge 2.75 million additional shares with lenders")
Promoters of media company Eros International, who had pledged nearly 48 per cent of their stake to lenders, have now increased their pledging, as the loan-against-shares model increasingly comes into question amid issues faced by peer companies such as Zee Entertainment.
On Wednesday, Eros International disclosed that its promoters had created a fresh pledge on 2.75 million shares between May 3 and 6, taking total promoter stake pledged to nearly 51 per cent.
Zee Entertainment and other firms of Essel Group have seen their stock price remain volatile in recent months over debt repayment woes.
Almost 66 per cent of promoter stake in Zee Entertainment and over 90 per cent in Dish TV are pledged to lenders against loans taken for business purposes.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%