Zee Entertainment shares in focus on plans to raise Rs 2,237 crore from promoters via convertible warrants
Zee Entertainment Enterprises
(ZEE) shares will be in focus on Tuesday after the company's board approved a Rs 2,237.44 crore
capital infusion
from promoter group entities through a preferential issue of
convertible warrants
.
The board has cleared the issuance of up to 16.95 crore fully convertible warrants at Rs 132 per warrant — a premium to SEBI's minimum price of Rs 128.58 — on a preferential basis. This move, subject to shareholder approval, will raise the promoter group's stake in the company to 18.39%.
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'The Board insisted on a higher price and the promoters agreed to pay Rs 3.42 more per warrant,' the company said in a statement.
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The decision followed two board meetings held on Monday. In the first, investment bank J.P. Morgan India Pvt. Ltd. presented a detailed review of ZEE's growth strategy, discussing new initiatives and market sentiment. During the second meeting, the Board considered various strategic options and subsequently approved the promoter group's capital infusion to bolster the company's balance sheet.
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Commenting on the development, R. Gopalan, Chairman of ZEE, said: 'The Board has deliberated upon the various alternatives discussed with J.P. Morgan and has conducted a thorough evaluation of the company's growth plans. The Board believes that the steps being implemented to enhance the promoter shareholding will ensure their added motivation to work in line with the enhanced business plan.
'The media and entertainment sector is evolving rapidly, leading to a shift in consumer preferences across the entertainment landscape. The investment by the promoters, coupled with the strong, ambitious growth initiatives planned by the management team, will ensure that ZEE remains well-positioned to accelerate its strategic plans to achieve its targeted aspirations.'
Shubham Shree, speaking on behalf of the promoter group, said the intention to increase their shareholding was conveyed to the Board on 1 May 2025, when ZEE's share price was ₹106.35. 'They are committed to the company and its business even at this higher price,' he stated.
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Previously, at a Board meeting held on 1 May, ZEE had approved the incorporation of three wholly owned subsidiaries as part of its business diversification strategy. On 8 May, the company also released a detailed investor presentation outlining its approved growth roadmap. At that meeting, the Board recommended appointing an investment banker to further assess the company's future strategy.
As part of its transition into a leading content and technology powerhouse, ZEE has undertaken multiple initiatives to enhance its core operations and invest in high-potential emerging segments. The company recently announced a strategic investment in Bullet, a new-age content and tech start-up, to launch a micro-drama app aimed at younger audiences.
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