Lenders, holding shares pledged by Essel Group companies, have agreed that there will not be any event of default declared till September 30, the Subhash Chandra-led group said.
Following the second round of meeting with the lenders that include mutual funds and NBFCs, Essel Group had secured a formal consent from them, the group said. Essel Group shares came under selling pressure after debt servicing issues surfaced.
