L&T Finance Ltd has invoked shares of three Essel Group companies — Zee Media Corporation, Zee Learn and Siti Network Ltd — and appropriated them against loan outstanding amount. As per regulatory filings, L&T Finance invoked and appropriated against loan outstanding amount 1.24 crore shares constituting 2.65 per cent stake of Zee Media Corporation on November 18.
L&T Finance also invoked and appropriated against loan outstanding amount 96.02 lakh shares constituting 2.94 per cent stake of Zee Learn on November 18. In a separate filing, L&T Finance said it has invoked and appropriated against loan outstanding amount 5.73 crore shares constituting 6.58 per cent stake of Siti Networks on November 18.
Another Larsen and Toubro (L&T) group firm L&T Infrastructures Finance Company said it has acquired through off market transfer from security trustee and appropriated against loan outstanding amount 1.29 crore shares constituting 2.74 per cent stake of Zee Media Corporation on November 18. Zee Media Corporation (formerly Zee News Ltd) is a news network with 10 news channels in six different languages. As per BSE data, on quarter ended September 30, 2020, shareholding of promoter and promoter group firm in Zee Media Corporation stood at 25.85 per cent, out of which 99.65 per cent stake is pledged or encumbered.