As per media reports, multiple regulatory filings by different promoter group entities of Essel group showed that shares of Zee Entertainment Enterprises, Dish TV, Zee Media Corporation, Siti Networks Ltd, and Zee Learn were sold in open market.
Further, the promoters sold the shares in order to pay off lenders who were not part of the pact announced on January 27, under which 97% of the group's lenders agreed not to classify loans against pledged shares as default.
Essel group raised an amount of Rs874.11cr through the sale of a stake in its flagship firm Zee Entertainment Enterprises by its promoter entities Cyquator Media Services Pvt Ltd and Essel Corporate LLP selling 1.69% and 0.85% stake, respectively, between January 25 to February 01, 2019.
Other promoter group firms World Crest Advisors LLP (0.86%), Direct Media Distribution Ventures (0.80%) and Veena Investments Pvt Ltd (0.35%) sold shares worth Rs97.34cr in Dish TV during the period.
In Zee Media Corporation, ARM Infra & Utilities Pvt Ltd (2.38%) and 25FPS Media Pvt Ltd (3.09%) sold shares worth Rs45.05cr.
ARM Infra & Utilities Pvt Ltd (1.41%) and 25FPS Media Pvt Ltd (3.09%) sold shares worth Rs2.90cr in Diligent Media Corporation Ltd. Arrow Media & Broadband Pvt Ltd sold 4.50% stake in Siti Networks for Rs28.88cr on January 28. Jayneer Infrapower & Multiventure Pvt Ltd sold 0.34% stake in Zee Learn for Rs2.92cr in open market.
Transaction value has been calculated based on the weighted average price of the stock on the day of the sale and the number of shares sold, the report said.