Zee promoters to hike stake to 18%

The promoters of Zee Entertainment will hike their shareholding in the company from nearly 4% to 18.39% by investing Rs 2,237 crore in a preferential issue of 169.5 million fully-convertible warrants, the firm said on Monday, signalling their intent to support the company for the long term.

While Zee’s promoters did not disclose how the funds would be raised, the company, in a notification to the stock exchanges, said the warrants will be issued at Rs 132 apiece, which is 2.65% higher than the Sebi-prescribed floor price of Rs 128.58 per warrant.