Zee Entertainment Enterprises Ltd (ZEEL) has informed the Bombay Stock Exchange (BSE) and the National Stock Exchange of India Limited (NSE) that its shareholders have duly passed the resolution for the issuance of securities for an amount of Rs 20 billion with requisite majority.
In an intimation to the BSE and NSE, ZEEL, 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 (“the Act”) 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 evening, said ZEEL, adding that the Scrutinizer appointed for scrutiny of Postal Ballot process, Vinita Nair, Senior Partner, M/s. Vinod Kothari & Co., Company Secretaries, then 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,” it said.
The broadcaster had last month announced that its Board approved the raising of fund of Rs 2000 crore by way of issuance of equity shares and/or any other eligible securities in order to enhance its strategic flexibility to pursue growth opportunities in the evolving media landscape.
The development is essential to note as it comes after Sony had in January this year terminated its $10 billion mega merger with Zee.
