No default so far, clarify Zee Entertainment promoters; stock gains

ZEEL MD Punit Goenka said the moratorium for repayment of loans had been extended beyond April 2019 and that the agreement with lenders was a structured, time-bound and consolidated one

In a conference call on Monday morning, the management of Zee Entertainment (ZEEL) clarified there had been no default in repayment of loans by the parent Essel Group and that lenders had shown faith in the Indian promoters. 

The statement came after the Subhash Chandra-led Essel Group reached an agreement with lenders on Sunday in terms of servicing its debt. While pledge-holders sold off 60 basis points of promoter stake on Friday, lenders had agreed in a meeting on Sunday they would not sell any more shares even if their value fell, said ZEEL's MD Punit Goenka.

The ZEEL stock,