Zee Entertainment approves ₹3,143.5cr warrants, stake could rise near 24%
Zee Entertainment just approved a plan to raise up to ₹3,143.5 crore by issuing warrants to Sunbright Mauritius Investments, its promoter group company.
If these warrants are converted within 18 months (and get all the necessary approvals), the promoter group's stake could rise from just under 4% to nearly 24%.
The board has approved the proposal.
Zee Entertainment to issue 24.95cr warrants
Zee will issue up to 24.95 crore fully convertible warrants at ₹126 each:
Sunbright Mauritius pays 25% upfront (₹31.50 per warrant), and the rest when they convert them into shares over the next 18 months.
The price is set lower than last year's fundraising plan but stays close to SEBI's required minimum, signaling Zee wants more promoter control without heavily impacting other shareholders' stakes.