Overview

• At the July 10 extraordinary general meeting, 59.5 percent of votes supported the special resolution to issue 16.95 crore fully convertible warrants, below the 75 percent majority required for approval.
• Had it passed, the Rs2,237 crore fund infusion would have lifted promoter stake from 3.99 percent to 18.39 percent, with Sunbright Mauritius Investments set to subscribe to over 99 percent of the warrants.
• Proxy advisory firms InGovern and IiAS recommended voting against the proposal, flagging concerns over significant share dilution and insufficient disclosure on how raised funds would be deployed.
• This marks the second high-profile shareholder rebuff of the Goenka family within eight months, following the blocking of Punit Goenka’s board reappointment in November 2024.
• Zee’s board said it respects the vote outcome and will now concentrate on strengthening its financial foundation and protecting minority shareholder interests.