Debenture trustee sells Rs 200 crore of Zee Entertainment shares

The share sale comes at a time when Essel group is trying to get an extension from mutual funds (MFs) and other lenders to clear its dues

Catalyst Trusteeship, acting on behalf of one or a few debenture holders, sold Rs 204 crore worth of Zee Entertainment’s shares in a bulk deal on Monday. Zee shares were placed as collateral with various mutual funds (MFs) and lenders, which had taken loan-against-share (LAS) exposure to Essel Group firms. 

On Monday, shares of Zee Entertainment corrected 9.6 per cent amid talks of one of the lenders invoking the pledged shares and selling those in the market. However, it couldn’t be ascertained which lender initiated this share sale, or if there were more than one lender involved. 

According to market sources, SBI