Zee Entertainment Enterprises Ltd Infuses Rs 2,237 Crore Through Fully Convertible Warrants at Rs 132 Per Warrant

Mumbai [Maharashtra] - In a significant move to bolster its balance sheet and capitalize on emerging opportunities, Zee Entertainment Enterprises Ltd (ZEEL) has approved the issuance of up to 16,95,03,400 fully convertible warrants at a price of Rs 132 per warrant.

According to a release issued by the company, the promoter group will receive Rs 22,37,44,48,800 to further boost its stake in the firm. As a result, the promoter group's total investment is likely to reach 18.39% following shareholders' approval.

The board of directors had previously met twice to debate on strategic direction and received investment recommendations from JP Morgan, which stated that ZEEL needs key steps to align with its ambition of becoming content and technology powerhouse.

As part of this decision, the issuing company will receive up to 16.95 crore fully convertible warrants at Rs 132 per warrant to be participated by the promoter group. The deal is set subject to the approval of shareholders.

"This reflects our confidence in our transformation strategy and underlines the promoters' commitment to its success," stated ZEEL's Chairman R Gopalan.