Zee Entertainment allots 20.94 cr convertible warrants to promoter group entity
Earlier this month, the Securities Appellate Tribunal stayed a SEBI order to debar ZEEL for two months and its CEO Punit Goenka for one year from capital markets in the Hyderabad land pledge case
Zee Entertainment Enterprises Ltd (ZEEL) has allocated 20.94 crore fully convertible warrants to promoter group entity Sunbright Mauritius Investments Ltd, following the board's approval on July 31. The allotment, which occurred seven weeks after the initial approval, is valued at ₹2,639 crore, slightly lower than the initial ₹3,143.52 crore approved on July 1.
Upon full conversion, Sunbright Mauritius would hold a 17.90% stake in ZEEL, increasing its promoter holding to 17.90%. The warrants, priced at ₹126 each, will be convertible within 18 months, with payment of a ₹94.5 exercise price equivalent to 75% of the issue price.
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Also reported by 1 other outlet
- Zee Entertainment allots 20.94 cr convertible warrants to promoter group entity economictimes.indiatimes.com
