Zee Learn still learning

Zee Learn opened flat at Rs.14.20 and went up to an intraday high and low at Rs.14.70 and Rs.13.85 respectively. It currently trades in the green at Rs.14.35.

The stock price is in the green despite getting an invocation letter from Axis bank.

The company announced today mid-morning that yesterday it received a letter from Axis Bank for invocation of Corporate Guarantee, amounting to Rs. 91.62 crore.

This loan was granted in favour of Digital Ventures Private Limited (Unlisted Material Subsidiary of Zee Learn Limited) on September 25, 2014.

Axis Bank has called upon the company to pay the said amount within 7 (seven) days from the date of receipt of letter.

The company said that it is evaluating the necessary steps to be taken in furtherance of the said letter.