Block shares sale clears promoters' dues to Zee Telefilms?

Zee group promoter Subhash Chandra appears to have cleared outstanding dues to Zee Telefilms from what was remaining to be paid of the Rs 2200 million that had been transferred to disgraced stock broker Ketan Parekh last year.

The promoters have been offloading their stake in tranches over the last few months and had already repaid a major portion of the loan to the company. The latest stake sale should wipe out the entire outstanding loan which was reportedly about RS 870 million.

Figures on how many shares changed hands in the deal on the Bombay Stock Exchange varied between 6 million and 10 million but the price paid per share was around Rs 115 and the transaction took place in afternoon trade.

Reports say that in August 2001, Zee promoters had offloaded 2.5 million shares, representing a 0.6 per cent stake in the company, for about RS 250 - 300 million to an undisclosed foreign institutional investor. In July the promoters had executed a sale of s of the e5 million sharequity of Zee for an estimated RS 600 million to an anonymous US-based fund.

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