In a recent stock exchange filing, Zee Entertainment said media reports that it would repay IndusInd Bank Rs 1,000 crore to complete the deal with Sony were “speculative”.
In a recent stock exchange filing, Zee Entertainment said media reports that it would repay IndusInd Bank Rs 1,000 crore to complete the deal with Sony were “speculative”.
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In response to BSE inquiries about the media reports published on March 16, Zee Entertainment said it “has been exploring a number of strategies, including settlements,” in relation to the ongoing dispute mentioned in the news reports.
Media reports quoted Bloomberg as saying, “Zee Entertainment Enterprises Ltd has agreed to repay dues owed to IndusInd Bank Ltd. as the company seeks to resolve bankruptcy proceedings filed against it and nears completion of a merger with a bank. sony The group unit will create a $10 billion media powerhouse. “
The media company further stated in its response, “However, at this stage it is unclear what resolution or strategy the company will ultimately pursue, let alone the timing of any such strategy.”
“As such, we consider the news report to be speculative,” Zee Entertainment said.
Zee could make a payment of about 837 crore ($10 million) to lenders (IndusInd) as early as Friday, Bloomberg reported, citing sources. It added that the bank had agreed to withdraw bankruptcy proceedings against the company following the settlement.
Shares of Zee Entertainment surged on Thursday after the report, with the stock closing up 9.3 percent at Rs 206.55 on the BSE.
Today, by noon, Zee Ent was down 3.39 percent and was trading at Rs 199.55 on the BSE.