Useful information
Prime News delivers timely, accurate news and insights on global events, politics, business, and technology
On July 3, the president of ZEE Entertainment Enterprises Limited (Zeel), Emeritus Subhash Chandra, clarified that the promoter group will not increase the debt or compromise the actions to finance the proposed infusion of the Founder of ₹ 2,237 million rupees in the company through guarantees.
Chandra made the comments during a call greater than 90 minutes with analysts and investors, which Zeel described as part of his continuous efforts to improve corporate governance and shareholders’ participation.
“No, we are not taking any loan, nor are we promising any action. The funds used are our own: they are recoveries of entities linked to the promoters, who have returned to us,” Chandra told analysts and shareholders.
The planned investment of the promoter group has extracted the scrutiny of the power companies by power, since it would increase the participation of Punit Goenka and its family from 3.99 percent to 18.39 percent. Zeel’s shareholders are scheduled to vote on the special resolution between July 6 and 9.
Zeel will receive ₹ 2,237.4 million rupees through a preferential allocation of fully convertible orders, and the company proposes to issue 16.95 million organs to ₹ 132 each, subject to the approval of the shareholders.
The company declared that this capital infusion is part of a broader strategy to strengthen its financial base and boost long -term growth, particularly in content innovation and digital infrastructure. Management believes that the new capital will help stabilize the balance and support new initiatives in the evolutionary entertainment sector of India, including digital content investments and platforms aimed at creating shareholders’ value.
Chandra recognized the existing cash reserves of ZEEL of around ₹ 2.4 billion rupees, but emphasized the need for additional capital to remain competitive.
According to reports, Chandra does not intend to wait for the full 18 -month period allowed to bring funds of order, with the aim of infusing the total amount as soon as possible. According to the terms of the order, 25 percent of the funds are paid in advance, and the remaining 75 percent expires within 18 months.
