Shares of Zee Entertainment Enterprises Ltd. rose on Monday after it settled its dues with IndusInd Bank Ltd.
Zee Enterainment and IndusInd Bank on Monday informed the National Company Law Appellate Tribunal that the insolvency case initiated by the bank against the company has been settled and all the necessary payments have been made by June 30, Cogencis reported.
A bench headed by Chairperson Justice Ashok Bhushan told the lawyers that in the light of the settlement, the corporate insolvency resolution process could be closed, it said.
The Mumbai bench of the National Company Law Tribunal had admitted IndusInd Bank's insolvency petition against the entertainment conglomerate in February, and appointed Sanjeev Kumar Jalan as the resolution professional.
Shares of Zee Entertainment Enterprises rose 1.95% to Rs 180.8 apiece as of 12:56 a.m., compared to a 0.64% advance in the NSE Nifty 50. The stock gained as much as 4.31% intraday, the most in over a week since June 21.
Total traded volume so far in the day stood at 1.5 times its 30-day average. The relative strength index was at 43.6.
Out of the 24 analysts tracking the company, two maintain a 'buy' rating, one recommends a 'hold' and one suggests a 'sell' on the stock, according to Bloomberg data. The average 12-month consensus price target implies a potential upside of 35.5%
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