SES revises stance on Zee promoter stake hike

Stakeholders Empowerment Services (SES) — one of the three proxy advisory firms which had asked Zee Entertainment shareholders to block the promoter stake hike plan at the July 10 extraordinary general meeting (EGM) — has now reversed its stance.

SES on Friday said it now supports Zee Entertainment’s proposal to issue fully convertible warrants to promoter group entities. It cited promoters’ willingness to price the warrants at a premium and improved market perception for changing its recommendation from “against” to “for”.