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IL and FS redux; Zee group MF debt exposure at Rs.7,000 crore

IANS  |  Mumbai 

In an IL and FS redux, companies' exposure to the mutual fund debt and is estimated at Rs.12,000 crore--Rs. 7,000 crore to MF debt and Rs. 5,000 crore to NBFCs.

The MF debt exposure is reportedly entirely at Zee promoter level. Exposure to Birla MF was Rs. 2,900 crore while it was Rs. 1,000 crore in the case of HDFC. The exposure to ICICI Pru was Rs.750 crore. On the NBFC front, it is believed that and L and T may be impacted.

Since it is a weekend, the market can expect a hammering of entity shares on Monday because MF debt exposure is not secured, say market analysts.

The promoter is Subhash Chandra, who is a member of the from Haryana, and has a strong affiliation to the RSS and the BJP. Coming as it does on the back of the still-to-be cauterised IL and FS, it will send shock waves through India's financial system.

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, January 25 2019. 20:00 IST
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