GECs
Zee shares placed with CIBC Oppenheimer for Rs 500 million: merchant bankers
Media baron Subhash Chandra’s Zee Telefilms Ltd, which announced last Thursday that its promoters had placed 5 million shares with a U.S.-based institutional investor, will receive around Rs 500 million in the transaction, merchant banking sources point out. CIBC Oppenheimer paid slightly less than Rs 100 a share for its stock holding in Zee, the sources say.
The shares reportedly represent 1.3 per cent of ZTL’s paid-up capital and lowers the promoters’ stake to around 59 per cent. The group promoters had earlier borrowed around Rs 2200 million from ZTL for the Essel group. They had announced that the entire amount would be returned by June 30. However, the Essel group has since then managed to pay back Rs 600 million.
Rajesh Jain – president – corporate finance and strategy, when contacted refused comment on the identity of the FII while maintaining that Zee had raised a total of around Rs 600 million in the current transaction. “The institutional investor who has purchased these shares is a long-term investor in ZTL,” an official release had said. Sources aver that if the official figure of Rs 600 million proves true, then it is likely that the balance of Rs 100 million will come from Zee’s promoters. Head of corporate affairs R.K. Singh has said the money from the transaction would be coming in before the end of the week.
Jain, when queried as to when the balance amount would be returned, said: “We are committed to returning the full amount with interest at the earliest possible time.”
With this placement, the promoters’ holding stands at 59 per cent, foreign institutional investors (FIIs) have 21 cent, financial institutions and mutual funds 9 per cent and the balance is with the public.
The figure of Rs 2200 million is what the Zee Network had reportedly advanced to Essel group investment companies, which was subsequently transferred to cornered bull Ketan Parekh’s investment companies.
CIBC Oppenheimer’s interest in Zee stock could be because at Rs 100 a share it is seen as a good buy, the sources say. There is also the added advantage that a bulk amount of stock was being made available to Oppenheimer which otherwise would have had to be mopped up from the market.
GECs
Sahara One reports financial results, notes director exit and business realignment
Muted revenues, steady expenses and strategic adjustments shape company’s current phase
MUMBAI: In a tale where the sands seem to be slipping faster than they can be gathered, Sahara One Media and Entertainment Limited has reported another quarter of wafer-thin income and widening losses, even as a boardroom exit adds to the unease.
The company informed the Bombay Stock Exchange that its board, in a meeting held on April 4, approved its unaudited financial results for the quarter ended September 30, 2025. The numbers paint a stark picture. Total income for the quarter stood at just Rs 0.13 lakh, unchanged sequentially and sharply down from Rs 0.26 lakh a year earlier.
Losses, meanwhile, deepened. The company posted a net loss of Rs 24.16 lakh for the quarter, compared to Rs 18.81 lakh in the June quarter and Rs 39.69 lakh in the same period last year. For the six months ended September 2025, the cumulative loss stood at Rs 39.69 lakh, while the full-year loss for FY25 was reported at Rs 60.72 lakh.
Expenses continued to outweigh income by a wide margin. Total expenses for the quarter came in at Rs 24.30 lakh, led by employee benefit costs of Rs 6.51 lakh and other expenses of Rs 17.78 lakh. Earnings per share remained in the red at Rs (0.11) for the quarter.
The balance sheet reflects a company with significant assets on paper but limited operational momentum. Total assets stood at Rs 23,065.57 lakh as of September 30, 2025, broadly unchanged from March 2025. Equity share capital remained steady at Rs 2,152.50 lakh, while total equity was reported at Rs 18,004.85 lakh.
Cash and cash equivalents saw a modest uptick to Rs 6.75 lakh from Rs 4.68 lakh earlier, supported by a positive operating cash flow of Rs 180.01 lakh for the period.
Yet, beneath these numbers lies a more complex narrative. The company’s auditors flagged their inability to obtain sufficient evidence to form a conclusion on the financial statements, citing lack of access to records. They also raised concerns over the company’s ability to continue as a going concern, pointing to insufficient funds, delayed recoveries, and stalled content investments.
Adding to the governance overhang, the company disclosed that Rana Zia has resigned as whole-time director, effective October 16, 2025, citing other professional commitments. The resignation, noted and accepted by the board, also brings an end to her role across company committees.
Regulatory pressures continue to loom large. The Securities and Exchange Board of India has already initiated penal actions for non-compliance with listing norms, with trading in the company’s shares remaining suspended. There is also a risk of promoter demat accounts being frozen.
Legacy legal issues remain unresolved. A substantial deposit of Rs 694,027.88 thousand linked to the long-running OFCD dispute involving Sahara group entities is still under the purview of the Supreme Court of India. Restrictions on asset disposal continue to weigh on the company’s financial flexibility.
Operationally, challenges persist across multiple fronts. Advances worth Rs 1,92,916 thousand given for film content remain stuck, with delays in project completion and uncertain recoverability. The company’s YouTube channel, despite being operational, has generated no revenue for over three years due to compliance lapses. In a further twist, management has indicated that revenues may have been fraudulently diverted through unauthorised changes to its AdSense account, with a police complaint in the works.
There are also missed revenue opportunities. Television content rights continue to be used by a related party despite the expiry of the licence agreement, with fresh negotiations still underway.
For now, Sahara One Media and Entertainment Limited appears caught between legacy disputes and present-day operational hurdles. As losses linger and governance questions mount, the road to recovery looks less like a sprint and more like a slow trudge through shifting sands.
