Subhash Chandra's Essel Group, lenders reach agreement over debt servicing

The Subhash Chandra-led Essel Group on Sunday said it had reached an agreement with lenders on servicing its debt. The move came following fears of a likely invocation of pledged shares by lenders on Monday after a steep fall in the stock price of Zee Entertainment Enterprises and DishTV, both key firms of the Essel Group, on Friday. The agreement includes lenders, comprising banks, mutual funds, and NBFC firms, not invoking their pledge on promoter shares of ZEEL, DishTV, and other listed group firms, which had been pledged for the loans promoters had taken for their privately owned infrastructure firms.