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Zee Seeks More Time for Fundraise
25 Aug
Summary
- Zee seeks a one-day extension for its preferential warrant fundraise.
- The company needs to complete a pending ₹76 crore capital infusion.
- The Securities Appellate Tribunal may hear the request on Thursday.
Zee Entertainment Enterprises has applied for a one-day extension from the Securities Appellate Tribunal (SAT) to finalize its capital raise. This fundraise is being conducted via preferential warrant issuance to Sunbright Mauritius Investments, a promoter entity.
The SAT had previously granted a one-week extension on August 14. This was in response to an interim relief against a July 31 order by the Securities and Exchange Board of India (Sebi). The initial extension expired on August 21.
The company is seeking relaxation for a pending infusion of ₹76 crore, part of a larger ₹3,143 crore fundraise. Sources indicate that a slight delay in remitting a portion of the funds necessitated this new request. Following the completion of this capital infusion, the promoter's stake in Zee is expected to increase.
The tribunal is anticipated to review Zee's renewed extension request on Thursday. Zee and its CEO, Punit Goenka, had approached the SAT challenging the Sebi order that had restricted them from participating in the securities market.
