An Essel Group spokesperson confirmed the sale of ZEE shares by some of the lenders.

Some big MFs ready to give Essel promoters three more months to repay, others against it.

Essel group had told funds holding the pledged shares that it could offload a further 10 per cent in Zee to repay the balance.

The stock was trading at Rs 325, down about Rs 10 on BSE.

The order restrains Chandra from selling shares of ZEE till October 16.

Sells 8.7% stake in media company; says will complete balance sale in next few days

About 6 fund houses have an exposure of nearly Rs 6,300 cr with shares of Essel Group entities.

The fund has been a financial investor in Zee since 2002 and currently owns a 7.7 per cent stake in the company.

Reliance Mutual may have unwound all the pledged shares of Zee after the sale.

Shares of the company have been in the bearish territory since last Thursday, 2 May, 2019.

The group cannot share any additional details at this stage due to confidentiality agreements, it added.

This is the first time investors in FMPs are not getting repaid in full on maturity.

According to reports, HDFC FMP 1168D MF scheme is extended by the company by 380 days.

Essel group raised Rs 874.11 crore through sale of stake in Zee Entertainment.

As of December 31, 2018, ZEE promoters owned 41.62 per cent in the company.

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