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Zee Entertainment Enterprise Ltd (ZEEL) yesterday said it plans to raise Rs 2,237.44 crore from promoter group entities, which will lead to an increase in promoter shareholding to 18.4 per cent.
The board of the company at its meeting held on Monday approved to “issue of up to 16.95 crore fully convertible warrants, for consideration to be received in cash” to Altilis Technologies and Sunbright Mauritius Investments, Promoter Group entities, on a preferential basis, said ZEEL, according to a PTI report from New Delhi.
This fresh infusion of funds from promoters will enable the company to further fortify its core business segments and strengthen its financial foundation to explore value-accretive growth opportunities in the evolving Media & Entertainment landscape, it said.
“The Promoters of the company will participate in the fund-raising exercise by investing Rs 2,237.44 crore for the company’s next phase of growth, taking the total promoter shareholding to 18.39 per cent,” said ZEEL.
The promoters currently own 3.99 per cent of ZEEL. As per the plan, ZEEL will issue warrants convertible into fully paid-up equity shares of the company having a face value of Re. 1 each warrant at a price of Rs 132.
The preferential issue is subject to shareholders’ approval, ZEEL added.
According to the company, this is in line with its strategic ambitions for the future, which is taking necessary steps to identify and invest in new avenues for growth and capitalize on emerging opportunities.
ZEEL further said its board had sought an evaluation of its strategic growth plans from US investment banker JP Morgan.
After conducting an assessment of ZEEL’s strategic alternatives and growth initiatives, J.P. Morgan discussed various alternatives with the Board to strengthen its approach towards its targets which includes augmenting and strengthening the balance sheet of the Company to prepare for any exigencies.
“The Board believes that the steps being taken by the Company will enable it to remain well-poised for future investments by further strengthening its balance sheet with access to significant growth capital,” it said.
