ZEE Entertainment shareholders reject proposal to raise Rs 2,237.44 crore from promoter entities

Shareholders of Zee Entertainment Enterprises Ltd have rejected a proposal to raise Rs 2,237.44 crore from promoter group entities, which would have led to an increase in promoter shareholding to 18.4 per cent, according to a regulatory filing.

The special resolution to issue fully convertible warrants to the promoter group on a preferential basis received only 59.514 per cent of the votes in favour, while 40.48 per cent were against the proposal, according to the filing by Zee Entertainment Enterprises Ltd (ZEEL) on Thursday evening. Being a special resolution, it needed 75 per cent shareholder approval.