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50 lakh ZTL shares sold to pay off liabilities

13-July-2001
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50 lakh ZTL shares sold to pay off liabilities

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 Rs 108.40.

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