Hope floats for Essel Group, may get more time to repay Rs 7,000 crore debt

Subhash Chandra-led group is fighting to avert a crisis as selling pressure on the Zee stock continues

With less than a week to go before the deadline to repay Rs 7,000 crore comes up, Subhash Chandra-led Essel Group’s senior executives said the majority of lenders had agreed to extend the timeline to March 2020. The company will hold a formal meeting with mutual fund houses and other lenders in the next couple of days to finalise the modalities of the extension. Group executives said they had received a positive response from the lenders after they paid off Rs 4,450 crore since the crisis broke early this year.

On Tuesday, shares of Zee Entertainment Enterprises (ZEEL) saw a lot