ZEEL Fortifies Future with Rs 2,237.44 Crore Investment from Promoter Group
ZEEL plans to raise Rs 2,237.44 crore from promoter entities to increase promoter shareholding to 18.4%. The board approved issuing 16.95 crore convertible warrants to strengthen business segments and explore growth opportunities in Media & Entertainment. The move aligns with ZEEL's strategic ambitions and requires shareholder approval.
- Country:
- India
Zee Entertainment Enterprise Ltd (ZEEL) is set to bolster its financial backbone with a significant Rs 2,237.44 crore infusion from its promoter group entities. This strategic move, revealed on Monday, will witness promoter shareholding increase to 18.4%, as approved by the company's board.
The funds will be raised through the issuance of 16.95 crore fully convertible warrants to Altilis Technologies and Sunbright Mauritius Investments. ZEEL has emphasized that this capital boost is aimed at reinforcing its business segments and discovering value-driven growth prospects within the dynamic Media & Entertainment sector.
With the plan in motion, ZEEL intends to convert these warrants into equity shares priced at Rs 132, contingent upon shareholder approval. This initiative aligns with ZEEL's long-term strategy, consulting US investment banker JP Morgan to evaluate growth avenues and strengthen its future financial planning.
(With inputs from agencies.)
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