ZEEL Shareholders Approve Rs 2,000 Crore Securities Issuance

As per bourses, the shareholders of media conglomerate Zee Entertainment Enterprises Limited (ZEEL) have approved the issuance of securities for up to Rs 2,000 crore. The company has stated that this fund boost will allow the company to enhance its strategic flexibility in order to grab future growth opportunities in an altered media space.

The same has been approved through a postal ballot. ZEEL had issued a Postal Ballot Notice dated June 14, 2024 for raising of 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 that “the Postal Ballot was conducted 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 may be amended from time to time, through remote e-voting process.”

BOARD OF DIRECTORS OF ZEEL The Board of Directors of ZEEL, in its meeting held on June 6, 2024, inter-alia, had 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, appointed as Scrutinizer for the purpose of scrutiny of the Postal Ballot process, has submitted her report on the results of the Postal Ballot. Following this, on the basis of the Scrutinizer’s report, ZEEL stated that the resolution mentioned in the Postal Ballot Notice proposed to be passed through a Postal Ballot has been passed by the shareholders of the company with the required majority for further issue of securities up to an amount not exceeding Rs 2,000 crore.

The electronic remote voting took place on Sunday, June 16, 2024, at 9:00 in the morning through to Monday, July 15, 2024, at 5:00 p.m.