At around 1.10 pm, the ZEEL stock was performing at Rs151.60 per piece down by 4.65% on Sensex. The stock has touched an intraday low of Rs151.25 per piece, after opening at Rs158.40 per piece.
Meanwhile, the Zee Learn stock was trading at Rs14.45 per piece down by 3%.
Zee Learn updated on the NCD issued to UTI MF by the company which is now being acquired by ZEEL. It said, "Further to our earlier letter on the subject matter in which we had informed that the balance amount of the above said NCDs was paid to UTI by ZEEL and they are in the process of acquiring the NCDs subject to the necessary paperwork and legal approvals as required."
Zee Learn said, its board members have approved on the above-mentioned deal.
In this regard, Zee Learn on Thursday said, "we would like to inform you that our board had approved the said transaction." The company has also proposed the following changes as per the filing:
Maturity Date: Earlier it was 63 months, and now it is proposed to be 18 months.
Interest Payment: It is proposed to be payable quarterly, compared to earlier where it was payable at maturity as bullet payment.
Redemption: Earlier full redemption was to happen at maturity as a bullet payment. Now it is proposed to be redeemable in three tranches: 20% at the end of 6 months, 40% at the end of 12 months and balance 40% at the end of 18 months.
Face Value: Earlier the face value was Rs10 lakh per debenture, however, now it is proposed to be Rs6,84,785 per debenture.
Shortfall undertaking: Now the shortfall undertaking provided by ZEEL is proposed to be terminated as ZEEL themselves have acquired the above-said debentures.