Zee Entertainment seeks 1-day SAT extension for ₹75cr warrant payment
Zee Entertainment just asked India's Securities Appellate Tribunal (SAT) for one more day to wrap up a delayed payment on its warrant subscription by its promoter entity.
About ₹75 crore of the subscription amount was credited after the August 21 deadline, and now SAT will decide on Thursday if Zee gets the extension.
Sunbright warrants could lift Zee stakes
On August 21, Zee gave out nearly 21 crore warrants to Sunbright Mauritius Investments (part of its promoter group), priced at ₹126 each.
Sunbright already paid about ₹660 crore upfront, and can turn these warrants into shares within 18 months by paying the rest later.
If all goes through, including the late payment, Zee promoters' combined stake in Zee could jump from just 4% to as much as 24%, while Sunbright's own stake could rise to about 20% if the additional ₹75 crore infusion is approved, which would really shake up who owns what at Zee.