Financial Insights

Yes Bank commences insolvency proceedings against Zee Learn

Yes Bank, on Monday, filed an application before the National Company Law Tribunal (NCLT) to commence insolvency proceedings against Zee Learn. 

Zee Learn is a diversified premium education group which provides learning and education through multiple products. It has several famous products in its portfolio like the Mount Litera Zee School, which has 120 schools throughout India, or Kidzee (heralded as Asia’s largest preschool chain), which is said to have 1900+ operational preschools in India and neighbouring countries. It also operates training institutions in the field of Media and Creative arts. 

Yes Bank alleges that the company has defaulted on a loan of Rs 468 crores. Zee Learn has claimed the same in an exchange filing which also stated that the company was in the process of compiling information and verifying facts. 

The share of Zee Learn has had interest from FIIs as they held 18.7% in the company early in April 2022, but FIIs have been selling their stake in the company. After the news, the share of Zee Learn opened down 7.9% and has fallen 19% to Rs 11.30 per share as the share is witnessing selling pressure.

Highlight by Aman Agarwal.

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