To address concerns raised among the fixed maturity plan (FMP) investors, the Zee Entertainment Enterprises Ltd (Zeel) promoter Essel Group on Wednesday said that lenders have shown “immense trust and confidence” in Zeel.
“As per the previously issued official communication, Essel Group has reached at an arrangement with the lenders with a resolution time frame of September 2019. The lenders have unanimously extended support to the Group and the same has positively resulted in saving the loss of public money,” a company spokesperson said in a statement.
“The arrangement with the lenders has also given the group the required time to realise the right value from the stake sale of Zeel and has indeed stabilised the stock performance of the mentioned public listed entity.”
The development comes as an asset management company is said to have withheld dues to holders of a FMP which matured some time back. The FMP is belived to have taken the step owing to delay in repayments of some debt instruments issued by companies of Essel Group.