Zee Entertainment Enterprises Ltd shares slumped as much as 12.4% on Wednesday amid reports that the stake sale in the company has hit a hurdle. Shares of other Essel group companies also fell sharply in trade. Dish TV slid 8%, Zee Media was down 4%, Zee Learn fell 2% while Essel Propack lost 0.7%. Essel Group, however, said in a statement that the stake sale process of Zee Entertainment Enterprises is at an advanced stage. “The stake sale process of Zee Entertainment Enterprises Ltd, undertaken by Essel Group, is in steady progress and at an advanced stage,” said the statement. The group cannot share any additional details at this stage due to confidentiality agreements, it added.
Zee Entertainment had announced in November last year that its promoters, led-by Subhash Chandra, planned to sell up to 50% of their stake in the company to a strategic partner.
Essel group stocks have been under pressure for a second straight day as an analyst report said that the companies were among the highest in promoter share pledges as of March.
As per the latest shareholding pattern, promoters of Zee Entertainment had 66.20% of their stake in the company pledged as of 31 March against 59.4% as of 31 December last year.
Promoter pledging in Dish TV rose to 94.6% as of 31 March from 82.1% as of 31 December, while that in Zee Media also jumped to 93.8% from 73.4%.
However, pledging by promoters in Zee Learn declined to 82.7% from 95.5% during the three-month period.
Zee Entertainment shares were trading at Rs 349 apiece, down 5.5%, at 12:40pm on BSE.
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