Promoters replenish Rs 200 cr for Zee Entertainment to avoid capital loss

The promoters had earlier sold their 11% stake in Zee to Oppenheimer

The promoters of Zee Entertainment Enterprises have ring-fenced the media and entertainment company by replenishing Rs 200 crore in order to avoid a loss of capital. The Subhash Chandra family made the move despite the fact that it is in a serious financial crunch, say sources in the company. 

Zee, in a concall on Thursday, pointed out the company had a fixed deposit (FD) of Rs 200 crore with a bank.  But that bank decided to break the FD to clear the dues of some related parties. 

According to the company, during the quarter ended September 30, 2019, the bank prematurely and