Zee gets shareholder approval to raise Rs. 2000 crore

In a significant development, the shareholders of Zee Entertainment Enterprises Limited (ZEEL) have given their nod for the issuance of securities amounting to a maximum of Rs 2,000 crores. The approval came through a postal ballot, which was conducted entirely via remote e-voting, as per the official press release from the company.

The postal ballot process, initiated on June 14, 2024, was undertaken in accordance with the Companies Act, 2013, and the Companies (Management and Administration) Rules, 2014, along with the SEBI Listing Regulations. The e-voting period concluded today at 5:00 p.m. (IST).

Vinita Nair, senior partner at Vinod Kothari & Co., was appointed as the Scrutinizer for the postal ballot process. Her report confirmed that the resolution for the issuance of securities was passed with the requisite majority, the release added.

“This approval marks a strategic move for ZEEL, paving the way for potential expansion and growth initiatives funded through the newly authorized securities issuance” read the official release.

The detailed voting results and the Scrutinizer’s consolidated report are available on the company’s website and the National Securities Depository Limited’s website. Financial Express