The shareholders of Zee Entertainment Enterprises (ZEEL) rejected a proposal to raise about 2,237 crore via a preferential issue of convertible warrants to the founder Subhash Chandra family in an extraordinary general meeting conducted on Thursday.
According to the stock exchange filing, 59.51 per cent of the total number of valid votes were cast in favour of the resolution, while 40.48 per cent were cast against it.The resolution required 75 per cent approval to pass. The board had earlier cleared the proposal for the Subhash Chandra family to increase its stake in the company from 4 per cent to 18 per cent.
"The board and the management of the company have noted that about 60 per cent of the shareholders who participated in the voting process expressed their support for the resolution pertaining to the issuance of fully convertible warrants to promoter group entities, and we are grateful for their support," said the company's spokesperson in a statement.
"The board and the management also respect the decision taken by the remaining shareholders. Maximising and safeguarding shareholder value has always been a core area of focus for us."
The statement further added, 'Under the guidance of the board, the company has made significant efforts to enhance performance and profitability in key areas such as improving the margin profile and reducing losses in the digital segment. The company continues to progress swiftly toward realizing its ambitions by leveraging its cash reserves, prudent approach, and entrepreneurial spirit.'
-- Roshni Shekhar, Business Standard
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