Zee Entertainment to raise Rs.2,634-Cr from promoter entity via warrants

Zee Entertainment has allotted 20.94 crore fully convertible warrants to the promoter group entity Sunbright Mauritius Investments. The warrants were allotted at a price of INR 126 per warrant. The company has received 25% of the issue price up front, amounting to INR 659.76 crore.Upon the full conversion of these warrants, Sunbright Mauritius will hold a 17.90% stake in Zee on a fully diluted basis. The entity has a period of 18 months from the date of allotment to seek conversion.