Zee gets nod from foreign shareholder for promoter stake hike

Norges Bank Investment Management, one of Zee Entertainment’s foreign institutional shareholders, said on Monday that it approves the firm’s preferential issue of 169.5 million fully-convertible warrants to its promoters. The nod comes just days ahead of the company’s crucial extraordinary general meeting (EGM) on July 10. The development also comes at a time when some domestic proxy advisory firms have asked shareholders to vote against the resolution.