Zee Media to hold conference call on Monday

Zee Media, the news broadcasting arm of Zee Group, has invited analysts for a conference call on Monday to discuss what it called “business related affairs” of the company.

The call will be from 12:30 PM to 1:00 PM.

No other details was revealed about what the subject of the call would be.

The intimation comes in the wake of confirmation by Zee Entertainment, the entertainment broadcasting arm of the same group, that its promoter Subash Chandra is in talks to sell part of his stake in the company.

Zee Media has lost about half of its value in the last one week in the wake of speculated instability within the promoter group which reportedly faces high a debt burden.

Shares of the company fell nearly 10% today to close at Rs 13.35, even as those of Zee Entertainment fell 7.3% to 352.60 rupees. Zee Entertainment shares are down about 10% since Jan 24, when speculations gathered steam.

Zee Entertainment has already held a conference call with analysts and investors on last Monday on the specific topic of the pledged shares of its promoters. The shares were pledged to raise funds to service the promoter group’s debts arising from other businesses.

Zee Entertainment shares had risen by 17% on Monday after the early morning clarification call in which the company promoters outlined the contours of a deal reached with its lenders.