Tuesday, July 14, 2020
Home News Reports Zee MD Punit Goenka assures investors that the company aims to repay their outstanding...

Zee MD Punit Goenka assures investors that the company aims to repay their outstanding debt in 3 months

The Zee Entertainment is in the throes of debt repayment with its promoters’ debt still at Rs 6,300 crore against Rs 13,400 crore at the start of 2019.

Also Read

OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

In an interview with ET Now, Zee MD Punit Goenka allayed investor fears surrounding debt mounting on the Zee Entertainment, saying that his company aims to pay back the outstanding amount in the next three months through asset divestment, ahead of the six-month extension given to them by lenders.

The Zee Entertainment is in the throes of debt repayment with its promoters’ debt still at Rs 6,300 crore against Rs 13,400 crore at the start of 2019.

The Essel Group which is the promoter of Zee Entertainment Enterprises Ltd (ZEEL) has informed its investors that none of ZEEL’s shares were pledged to Russia’s VTB Capital Plc, in the structured loan arrangement inked between the firms in September 2017. The development comes after both, VTB Capital Plc and Essel Group, disclosed to stock exchanges on Friday that ZEEL’s promoters have created an encumbrance on 10.2 crore shares, translating to a 10.7% stake held by promoter entity Essel Media Ventures Ltd, in favour of VTB Capital.

Clarifying his organisation’s stance, MD Punit Goenka said, “VTB transaction was always considered as a part of total loan that was payable by the promoters even back in January when the total outstanding loan was Rs 13,000 crores. Today that number stands at around Rs 7,000 crores. VTB was part of that 13,000 and is a part of 7,000 as well. The VTB loan stands at Rs 2,000 crores and Rs 5,000 crores is in the domestic markets. We are working with VTB and paying them some part of the loan in the next tranche of the sale after which they will actively consider restructuring the loan.”

Goenka further added that to address the domestic loan of Rs 5,000 crores, the organisation is intending to sell two of its assets-205 MW Solar power to realise Rs 1,300 crores of EV value and are in talks to sell another 80 MW plant and some other road assets are also there. In between these two, the company aims to pay off a significant amount of the domestic loan and for the residual amount, Zee MD plans to divest at max another 10 per cent of Zee to take care of the entire debt.

  Support Us  

Whether NDTV or 'The Wire', they never have to worry about funds. In name of saving democracy, they get money from various sources. We need your support to fight them. Please contribute whatever you can afford

OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

Trending now

AMU girl complains about being threatened and hounded since CAA was passed, told she will be made to wear “brass hijab”

Calling her a "Sanghi", the fellow AMU students had attacked her for calling out sexualisation of women in the varsity

Islamists issue rape threats to a social media user for asking Muslims to recite Azaan at lower volume

Apart from Fardeen Modal, Ashi's Azaan tweet miffed other Muslims, who also abused the Hindu girl on Twitter

Secret meetings, plan of action and riots: How Safoora Zargar and others are intertwined in the murder of Ratan Lal during Delhi riots

Name of Jamia Millia Islamia student Safoora Zargar appears multiple times in Ratan Lal murder chargesheet

Google head Sundar Pichai, who studied at IIT Kharagpur, is all set to bring a digital revolution worth Rs 75,000 crore in India: Read...

Google, headed by Sundar Pichai, pitches in to help bring about a digital revolution in India

A tribute to Tapan Ghosh: The firebrand leader who helped Muslim women marry their Hindu lovers and secure a happy ending to their love...

Hindutva Icon of West Bengal, Tapan Ghosh, passed away on Sunday, days after he was diagnosed with the Wuhan Coronavirus.

Sharad Pawar, Mamata Banerjee, Jagan and Himanta Biswa: How Congress ignored key regional leaders and eventually lost those states

Choosing loyalists over popularity and calibre has cost Congress dearly. Losing key regional leaders has decimated the party to ruins in many states.

Recently Popular

The curious case of ‘Drone Boy’ who has made 600 drones using broken mixer grinders and televisions. A fact-check

While 'drone boy' Prathap NM has claimed to have made 600 drones using e-waste, not a single photo or video of them exist

‘Drone boy’ Prathap NM makes a statement after OpIndia fact-check: Here is why his explanation makes little sense

'Drone boy' Prathap NM says he won't show his drones due to intellectual property issues, but will show certificates from unregistered events

Sachin Pilot reaches Delhi with 25 MLAs amid speculations of Rajasthan government collapse, Gehlot holds late night meetings

Ashok Gehlot claimed that the State government was stable and would continue to remain so despite all efforts to the contrary

Pakistanis are shocked that Turkish actress does not cover herself head-to-toe in real life like her role in TV show Ertugrul, slams for wearing...

Pakistani Islamists troll Turkish actress Esra Bilgiç for her modern clothing, not traditional dress like her historical role in a TV show

Stand-up comedian apologises for insulting memorial to Chhatrapati Shivaji Maharaj in Arabian sea after MNS workers vandalised studio

The stand-up 'comedian' Agrima Joshua had made scornfully derisive remarks in her video against the Chhatrapati Shivaji Maharaj memorial that is going to be erected in the Arabian Sea

Aakar Patel abuses Amitabh Bachchan and Sachin Tendulkar – reasons go beyond hatred for Modi

The 'Woke' secular-liberal camp of current times is defined by its elitist arrogance and crass snobbery. 'Human rights activist' Aakar Patel is one such specimen.

Here are the six significant statements by the court today while denying bail to Tahir Hussain, accused in the Delhi anti-Hindu riots

Tahir Hussain had sought bail saying there was no cogent evidence to link him to Ankit Sharma's murder

Nepal PM says Shri Ram was Nepali and India has created ‘fake Ayodhya’, admits scholars will not believe his ‘new fact’

Nepalese Prime Minister KP Sharma Oli claimed that India falsely says Shri Ram was born in Ayodhya, India.

Amidst rising demand to boycott Chinese products, Bollywood actor Karthik Aryan drops multi-crore endorsement deal with Oppo

Karthik Aryan has become the first Bollywood actor to drop a multi-crore deal with a Chinese brand.

AMU girl complains about being threatened and hounded since CAA was passed, told she will be made to wear “brass hijab”

Calling her a "Sanghi", the fellow AMU students had attacked her for calling out sexualisation of women in the varsity

The death of BJP MLA Debendra Nath Roy shows that no opposition political leader is safe in West Bengal

BJP MLA in West Bengal, Debendra Nath Roy, was found hanging in public on Monday.

Why ‘liberal’ hate against Amitabh Bachchan for getting admitted to a hospital after testing positive for Coronavirus makes no sense at all

A bevy of perverse liberals took to Twitter to denounce Amitabh Bachchan after he got Coronavirus, claiming it to be a "privilege of rich" and accusing him of needlessly occupying a hospital bed

London: Indian diaspora, PoK activists and Iranian diaspora protest outside the Chinese embassy over ‘expansionist policies’

Demonstrators were heard singing the Indian National Anthem 'Jan Gan Maan' and the Indian National song, 'Vande Mataram' at the protest site.

AIB co-founder Rohan Joshi, who wanted entire Pawar family dead, deactivates his Twitter account

AIB co-founder Rohan Joshi has deactivated his account after screenshots of his abusive tweets against politicians went viral .

Gehlot’s last ‘resort’? Congress moves MLAs to Jaipur hotel, Pilot claims Rajasthan govt has lost majority

Reports claimed that 107 MLAs, including some independents, were present at the CM's residence. Congress has moved its MLAs to a resort in Jaipur.

In touch with ISIS recruiters since 2015: NIA arrests 2 Islamic State terrorists in Pune planning to carry out terror attacks in India

The duo arrested by the NIA were involved in promoting and propagating ISIS and their activities in India

Connect with us

235,877FansLike
406,301FollowersFollow
274,000SubscribersSubscribe