Mutual funds grant more time to Essel Group for repayment of loan

The Subhash Chandra-led Essel Group on Wednesday said mutual funds from which it has borrowed money have "unanimously" decided to grant it more time for repayments. 
 

In a statement that comes amid media reports of a few fund houses selling their holdings in the company ahead of the September 30 deadline, the group did not specify the mutual funds which have supported it, or the amount due.
 

The fund houses had an outstanding of over Rs 11,000 crore from Essel Group and had done the unprecedented in granting it more time to repay even in the face of massive corrections