Zee promoters to raise stake via ₹2,237 crore preferential issue

The promoters of Zee Entertainment Enterprises Ltd are set to increase their stake in the company to 18.39% through a preferential allotment of fully convertible warrants worth ₹2,237.4 crore, as the media firm looks to shore up its financial foundation and accelerate its pivot to a content-tech-led growth strategy.

The Zee board, after two rounds of meetings on Sunday, approved the issuance of up to 16.95 crore warrants to promoter group entities at ₹132 per warrant, higher than the regulatory floor price of ₹128.58, according to a company statement.