SAT allows Zee to proceed with fundraise
The Securities Appellate Tribunal (SAT) on Friday granted partial relief to Zee Entertainment, allowing the company to proceed with its proposed Rs 3,143.5 crore capital raise, while keeping the Securities and Exchange Board of India’s (SEBI) two-month market ban on the company intact.
Conditions Attached
The tribunal’s order allows Zee to issue fully convertible warrants to Sunbright Mauritius Investments, a promoter-group entity, on a preferential basis. The relief is subject to Zee and its CEO Punit Goenka depositing the full penalty imposed by Sebi within a week.
