Zee Entertainment Enterprises (ZEEL) has obtained shareholders’ approval to raise Rs 2,000 crore through the issuance of securities, as announced by the company in a filing to the exchanges.
Of the total votes cast, 78.83% supported the resolution, while 21.16% opposed it.
In the regulatory filing, the company said, “This is with reference to our disclosure dated June 14, 2024 wherein we have submitted the Postal Ballot Notice dated June 14, 2024 (‘Notice’) to seek approval of the Shareholders for issuance of securities for an amount not exceeding Rs 2,000 crores.”
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.
“The remote e-voting process concluded on Monday, July 15, 2024, at 5:00 p.m. (IST), post which the Scrutinizer appointed for scrutiny of Postal Ballot process, Vinita Nair, Senior Partner, M/s. Vinod Kothari and Co, Company Secretaries, has submitted her report on the results of the Postal Ballot. Based on the report of the Scrutinizer, we hereby inform you that the shareholders of the Company have duly passed the resolution for issuance of securities for an amount not exceeding Rs 2,000 crores with requisite majority,” the Company stated.
Last month, ZEEL announced that its board of directors had given an in-principle approval to raise funds up to Rs 2,000 crore by issuing equity shares or other eligible securities. The company stated that the fundraising will be conducted in one or more tranches.
