Sets up new financial services arm, Amit Goenka joins as CEO.
The group was originally planning to raise a $100-million (around Rs 560 crore today) offshore fund but is now targetting $200 million, said Amit Goenka, managing director and chief executive of Essel Financial Services, the group's financial services arm.
The company has kicked off sale of infrastructure assets as well as sale of a part of the promoter holding in Zee to repay loans.
Why are DIIs holding such a high stake in Zee, which is beset with alleged governance issues? Perhaps they think Zee is a deep-value stock, observes Debashis Basu.
IDBI Bank has moved the National Company Law Tribunal (NCLT) against Zee Entertainment Enterprises Ltd (ZEEL) seeking an insolvency proceeding against the media firm to recover dues of Rs 149.60 crore. IDBI Bank has claimed an amount of Rs 149.60 crore, which has been disputed by ZEEL, said a regulatory update from the media major. IDBI Bank has filed an application under section 7 of the Insolvency and Bankruptcy Code, 2016, claiming to be a financial creditor, before NCLT for initiation of Corporate Insolvency Resolution Process against the company, it added.
The Essel group founder, Subhash Chandra has settled 91.2 per cent of his debt with 43 lenders, and the remaining dues are in the process of being paid. "I am happy to report that we have come out of the financial stress situation by settling 91.2% of our total debt to 43 lenders in 110 accounts. "About 88.3% of the amount has been paid, while the remaining 2.9% is in the process of being paid. "We are making all the required efforts to settle the remaining 8.8% of our total debt.
Zee Entertainment Enterprises Ltd (ZEEL) is seeking rapprochement with Sony Group as it makes a last-ditch effort to resurrect a $10 billion merger, according to industry sources. After the Japanese multinational firm pulled the plug on its $10 billion merger deal in January, the Indian company reached out again to Sony to reconsider the termination and offered for talks this month, a source said. On the other hand, Sony is understood to be evaluating the proposal from Zee.
Goenka, who is the elder son of Essel group promoter and Zee chairman Subhash Chandra, has been MD of the media firm since January 1, 2010.
Culver Max Entertainment, formerly known as Sony Pictures Networks India (SPNI), has terminated merger agreements with Zee Entertainment, which could have otherwise created a USD 10 billion media enterprise in the country.
According to industry players, over 50 FMPs have exposure to Zee Group companies.
In a major relief to media major Zee Entertainment Enterprises Ltd (ZEEL), the National Company Law Appellate Tribunal (NCLAT) on Friday stayed the insolvency proceedings initiated against it earlier this week. Admitting a petition filed by ZEEL Managing Director and chief executive Punit Goenka, the appellate tribunal issued notices to private sector lender IndusInd bank and the interim resolution professional directing them to file a reply in two weeks. NCLAT said the submissions made by both sides need a detailed hearing.
In terms of market capitalisation, Zee alone has a market cap of Rs 24,000 crore compared to Rs 15,000 crore of the merged Reliance entity.
Index heavyweights Reliance Industries and ITC were the top losers along with ICICI Bank and SBI
With the addition of 2 lakh subscribers every month, private direct-to-home (DTH) service operators Dish TV and Tata Sky may cross Rs 650 crore (Rs 6.5 billion) in revenues for financial year 2007-08, a three-fold increase from 2006-07. The revenues of private DTH operators may cross the Rs 1,000-crore (Rs 10 billion) mark in 2008-09 with a total subscriber-base of 8 million. Private DTH operators have to pay 10% of their revenues as the licence fees to operate the services.
Debt funds have exposure of nearly Rs 8,000 crore to Zee group papers. Aditya Birla MF, HDFC MF, Franklin Templeton MF, and ICICI Prudential MF have the highest exposure, reports Samie Modak.
The underperformance comes amid liquidity concerns in the non-banking finance companies space and Essel Group default news.
'MFs acted as reckless lenders and not as prudent investors.' 'Clearly, how debt funds are being run is a systemic issue,' warns Debashis Basu.
Take a call to stay put or opt our based on whether you think the company will be able to find a strategic investor, suggests Sanjay Kumar Singh.
Enters joint venture with Pune-based Unique Delta Force Security
Indian property markets are not in the pink of health.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, will answer your queries.
More asset sales may be only way out, though most of the group companies' ratings have been downgraded and their combined market value is now a fraction of their combined debt.
As PM talks of lower lending rates, housing companies prepare to cash in.
Piyush Goyal has begun his term as railway minister with characteristic energy, but not all his new initiatives are being praised
Another important early decision of Birla was to get into the wireless telephony business in association with AT&T and another revered Indian business house, the Tatas.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries:
The combined networth of India's 100 wealthiest is $381 billion (nearly Rs 25.5 lakh crore), a rise of 10 per cent from $ 345 billion in 2015
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