Zee Entertainment Enterprises Ltd. will raise Rs. 2,237 crore from its promoters to finance its growth plans. This will be the first fund-raising effort by Zee since the collapse of its proposed merger deal with Sony.
The company plans to issue up to 16.95 crore convertible warrants at Rs. 132 each to Altilis Technologies and Sunbright Mauritius Investments, companies owned by promoters Subhash Chandra and his family. Once the warrants are converted into equity within 18 months from the date of allotment, Subhash Chandra and his family’s ownership in the broadcaster will increase substantially from 3.99% to 18.39% as of March-end 2025.
The method by which the family will raise Rs. 2,237 crore has not been disclosed.
The company has scheduled a shareholder meeting for July 10 to seek approval for the issuance of warrants to its promoters. The warrants are priced higher than the regulatory price of Rs. 128.58 each, with the current Zee stock trading at Rs. 138 per share.
