ZEEL shareholders okay issuance of securities for Rs 2,000 crore

Zee Entertainment Enterprises Limited (ZEEL) shareholders have approved the issuance of securities for an amount not exceeding Rs 2,000 crore, the media conglomerate has informed the bourses. ZEEL has said that the amount raised will enable the company to enhance its strategic flexibility to pursue future growth opportunities in the evolving media landscape.

The approval was given via postal ballot. ZEEL had issued a Postal Ballot Notice dated June 14, 2024 to seek approval of the shareholders for raising funds by way of issuance of equity shares and/or any other eligible securities (convertible/ non-convertible/ fully paid-up/ partly paid-up) through permissible modes in one or more tranches. The Postal Ballot was conducted through remote e-voting process, which concluded on Monday, July 15, 2024.

ZEEL submitted, “Pursuant to Sections 108, 110 and other applicable provisions, if any, of the Companies Act, 2013 read with the Companies (Management and Administration) Rules, 2014, guidelines prescribed by the Ministry of Corporate Affairs through various Circular(s) and Regulation 44 of the SEBI Listing Regulations, as amended from time to time, the Postal Ballot was conducted through remote e-voting process.”

Earlier, the Board of Directors of ZEEL at a meeting held on June 6, 2024, had inter-alia, considered and given its in-principle approval for raising funds by way of issuance of equity shares.

Vinita Nair, Senior Partner, Vinod Kothari & Co., Company Secretaries, who was appointed Scrutinizer for scrutiny of the Postal Ballot process, submitted her report on the results of the Postal Ballot. Based on the report of the Scrutinizer, ZEEL stated that the shareholders of the company duly passed the resolution for issuance of securities for an amount not exceeding Rs 2,000 crore with requisite majority.

The remote e-voting period commenced on Sunday, June 16, 2024 from 9.00 am and ended on Monday, July 15, 2024 at 5.00 pm.