Subhash Chandra has sold 50 lakh
shares in Zee Telefilms (ZTL) to a US-based
institutional investor, to pay back his outstanding
liabilities with the group flagship which stand at
around Rs 160 crores. The shares represent 1.3 per
cent of ZTL’s paid-up capital and lower the promoters’
stake to around 59 per cent.
The group promoters had earlier
raised around Rs 220 crores from ZTL and had announced
that the entire amount would be returned by June 30.
However, they could only pay back Rs 60 crores, the
group has said.
Though the promoter group declined
to reveal the price at which the deal was struck,
market sources said the sale was through a block deal
early morning on the Bombay Stock Exchange at Rs 99.80
a share, close to its opening price of Rs 98.50. The
stock subsequently jumped 10.05 per cent to close at