INSUBCONTINENT EXCLUSIVE:
Mumbai: Bonds of a Zee group company were traded at a deep discount, with the finances of the Subhash Chandra-controlled empire said to be
getting weaker.
Bonds of Diligent Media Corporation, a Zee group company, were traded at a discount of about 25% with the transaction size
The unlisted bonds were transacted in three tranches on the exchange platform on Monday
The weighted average price was at 75.57 per unit, people familiar with the matter said, citing secondary market quotations.
The deals took
place privately because the securities were not listed
ET could not ascertain the buyers and sellers
The company has not defaulted, the official said.
The bonds will mature in 5-6 months
Group faced trouble repaying outstanding loans last year.
Several foreign funds picked up stakes in Zee Entertainment Enterprises as the
promoters sold stock to repay loans, ET had reported on November 22.
DMCL reported a net loss of 30.5 crore on an operational income of 37.4
crore in the first half of FY20 compared with a net loss of 30.9 crore a year earlier.
