90% of promoters' stake in Zee pledged with financial institutions

The Zee management indicated that the delay in closing the balance sale was due to restrictions on insider trading window

A little over 90 per cent of the promoters’ 22 per cent shareholding in Zee Entertainment is pledged with financial institutions. This was disclosed by Zee Entertainment Managing Director and Chief Executive Officer Punit Goenka in an investor call on Saturday. Following the agreement to sell an 11 per cent stake to Invesco Oppenheimer in September, the promoters’ loan against shares stands at Rs 7,000 crore, as against Rs 13,500 crore on January 26, 2019.

Of the 11 per cent, the promoters have managed to sell 8.7 per cent and are in talks with Invesco Oppenheimer to sell the balance 2.3