Security Trustee invokes corporate guarantee given by Zee Media Corporation Ltd

Zee Media Corporation Limited has announced with reference to the Corporate Guarantee issued by Zee Media Corporation Limited ("Company") on June 29, 2015, to IDBI Trusteeship Services Limited ("Security Trustee") for the Non-Convertible Debentures ("NCDs") aggregating to Rs. 250 Crores, issued by Pri-Media Services Private Limited, the then Wholly Owned Subsidiary of the Company, subsequently merged with Diligent Media Corporation Limited (DMCL).

The Security Trustee has informed that despite their discussions with the DMCL, DMCL has not yet redeemed the NCDs in full and therefore, in terms of the said Corporate Guarantee, the Security Trustee, vide its letter dated October 17, 2020, has invoked the Corporate Guarantee issued by the Company and called upon the Company to make an payment of an amount aggregating to Rs. 457,11,05,831/- (Rupees Four Hundred Fifty Seven Crore Eleven Lakhs Five Thousand Eight Hundred Thirty One Only), within a period of 10 working days.

Shares of Zee Media Corporation Limited was last trading in BSE at Rs.4.65 as compared to the previous close of Rs. 4.79. The total number of shares traded during the day was 114248 in over 387 trades.

The stock hit an intraday high of Rs. 4.75 and intraday low of 4.56. The net turnover during the day was Rs. 528893.

Source : Equity Bulls

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