Reliance MF sells pledged ZEE shares worth Rs 410 crore

RelianceNSE -2.34 % Mutual Fund has sold shares of Zee EnterprisesNSE 2.93 % worth Rs 410 crore that the Essel Group promoters had pledged with the asset manager to raise money. The fund house sold the shares in the open market on Wednesday, sending the shares tumbling by 9.7 per cent after declining 5 per cent the previous day.

Reliance Mutual may have unwound all the pledged shares of Zee after the sale, said a person familiar with the matter. The asset management company is the first ..

In response to an email query, a Zee spokesperson said, “Reliance Mutual is not a part of the consortium of lenders with whom Essel Group has arrived at an arrangement.” Reliance Mutual declined to comment on the sale of Zee shares.


“ We think a deal is imminent given the situation, and news flow around the same will remain the key to stock performance,” said Citi in a client note on Wednesday. “Mgmt has maintained that its preference remains for a global strategic partner – but we also think speed in getting the deal done is crucial and the company may also be more open in inducting a financial partner.”