The board appointed R Gopalan as the new chairman. ZEE said that as chairman emeritus, Chandra will continue to guide the board and company's senior management and his position will not carry any remuneration.
The stake sale in ZEEL was conducted in order to repay loan obligations to certain lenders of the group. Shares of Zee Entertainment Enterprises on Thursday zoomed over 12 per cent after Essel Group said it is planning to sell The scrip jumped During the day, it zoomed On the NSE, it climbed During the trade it advanced Have you read these stories?
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Brand Solutions. Video series featuring innovators. ET Financial Inclusion Summit. Malaria Mukt Bharat. Paytm IPO. Bank Holidays in November. Invesco wants to recast Zee's board but the latter has challenged the restructuring attempt in courts and alleged that the US investor is trying to take over the broadcaster. In order to understand this context, let's go back to the beginning: Subhash Chandra had founded and owned most of Zee Entertainment through the Essel Group in But things went south in when Chandra made big infrastructure bets.
Even though Zee was minting money, its parent company Essel was betting big on the infra picture, borrowing large sums to fund troubled extravagant projects.
But the big loans were taken by offering Zee's shares as collateral. So not only did the media stock take a beating but the value of the collateral began to drop. Chandra was left with no choice but to sell a sizable part of his stake in Zee Entertainment to Invesco Oppenheimer Developing Market funds — who then became the single largest shareholder in the company.
The first lot of 7. The Company co-promoted Essel Packaging Ltd. The Company would also commission serials, game shows etc. Balance 1,50, shares issued to public on 25th February Another 90,00, shares were offered at a premium of Rs 20 per share through a prospectus as follows: 9,00, shares and 27,00, shares reserved for allotment to FIIs and NRIs repatriation basis respectively.
Only 21,90, shares taken up by NRIs. Of the balance 10, shares reserved for allotment on preferential basis to employees only 4, shares taken up.
Remaining 45,90, shares along with 5,15, shares not taken up were issued to the public of these 4,98, shares taken up by FIIs and 17, shares by public. The magazine will be launched in August. It is also negotiating with leading cable companies in Sweden.
The company will provide unlimited Internet access 24 hours over cable and will not charge its customers for Net-surfing. With the growth of the network into eleven channels, the launch of the DTO bouquet and the Alpha channels including the English channels, a decision was taken to install a fully owned facility in Singapore which can play-out ten channels.
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