Zee down 3%; board approves Rs 3,143.5 crore preferential warrant issue to promoters at Rs 126/share

Zee Entertainment board has approved a preferential issue of fully convertible warrants worth up to Rs 3,143.5 crore to promoter group entity Sunbright Mauritius Investments.

Under the proposal, Zee Entertainment will issue up to 24.95 crore fully convertible warrants at an issue price of Rs 126 per warrant. Each warrant can be converted into one fully paid-up equity share of the company with a face value of Re. 1.

The decision was taken at the company’s board meeting held on July 1, subject to shareholders’ approval and other regulatory clearances.