ZEEL hits over 6-yr low after Essel Media pledges 11% equity with VTB Cap

A little over 90 per cent of the promoters' 22 per cent shareholding in ZEE is pledged with financial institutions, the management said during an investors' call

Shares of Zee Entertainment Enterprises (ZEE) hit an over six-year low of Rs 204, plunging 14 per cent in early morning deals on the BSE on Monday, after the company announced that its promoter Essel Media Ventures have pledged 10.71 per cent equity with VTB capital. The encumbrance was created pursuant to a loan agreement executed on September 4, 2017. The stock hit its lowest level since April 18, 2013.

VTB Capital PLC, was acting as the security agent on behalf of certain lenders, namely VTB Bank (Europe) SE, Austria Branch, LLC VTB Capital Holding IB and VTB Bank (Europe)