Shareholders Reject Zee Entertainment's Fundraising Proposal

Zee Entertainment Enterprises Ltd shareholders rejected a proposal to raise Rs 2,237.44 crore from promoter group entities, which would have increased promoter shareholding to 18.4%. The special resolution required 75% approval but received only 59.514%. Noted investors supported the proposal, though it ultimately failed to pass.

Zee Entertainment Enterprises Ltd faced a setback as its shareholders rejected a fundraising proposal aimed at raising Rs 2,237.44 crore from promoter group entities.

Intended to increase promoter stake to 18.4%, the proposal fell short, garnering only 59.514% approval, against the required 75% for a special resolution.

Despite significant investor backing, including from Norges Bank Investment Management, the proposal failed, indicating a notable divide in shareholder opinion.

(With inputs from agencies.)