Zee Shareholders Approve $330 Million Capital Raise Before Indian Regulator Bars Company From Markets

By Naman Ramachandran

Naman Ramachandran

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Shareholders of Indian media giant Zee Entertainment Enterprises Ltd. approved a promoter group fund infusion worth INR3143.5 crore ($330 million) and a new employee stock option plan at an extraordinary general meeting, a day before India’s securities regulator barred the company and two of its top executives from the market.

The Mumbai-headquartered media and technology company said its shareholders backed a preferential issue of 249,485,563 warrants to a promoter group entity, priced at INR126 ($1.32) each. A warrant gives its holder the right to convert it into a company share at a later date, at a price fixed now. Once exercised, the promoters’ stake will grow to 23.79% of the company.

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