Zee Entertainment allots 20.94 cr convertible warrants to promoter group entity
Zee Entertainment Enterprises has issued warrants to Sunbright Mauritius Investments Ltd, following the necessary board sanctions and regulatory approvals for their funding initiative. This move has attracted a subscription of Rs 659.76 crore, allowing Sunbright Mauritius to secure a substantial stake once the warrants are fully converted. Notably, these warrants are eligible for conversion…
ZEEL has allocated 20.94 crore fully convertible warrants to Sunbright Mauritius Investments Ltd, a promoter group entity. This allotment, which took place on August 21 following previous approvals, is valued at Rs 126 per warrant, totaling approximately Rs 2,639 crore. This is lower than the initially cleared amount of up to Rs 3,143.52 crore. The warrants entitle the allottee to convert them within 18 months, with full conversion expected to give Sunbright Mauritius a 17.90% stake in ZEEL on a fully diluted basis.
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- Zee Entertainment allots 20.94 cr convertible warrants to promoter group entity thehindubusinessline.com
