India's Zee Entertainment to raise $241 million for stategic initiatives - Yahoo Finance Singapore

The Securities Appellate Tribunal (SAT) has allowed Zee Entertainment Enterprises Ltd (ZEEL) a one-working-day extension to complete the subscription to warrants by its promoter group entity, after the company said part of the funds had been received after the deadline. SAT Presiding Officer PS Dinesh Kumar, in his order, said that “keeping in view the totality of circumstances”, an extension of one day for the issue of the warrants was “just and appropriate” and accordingly granted the relief. Securities and Exchange Board of India (SEBI) did not oppose the extension. However, the market regulator told the tribunal that its limited request was that the order should record that payment had not been made for the balance 1,59,78,492 warrants. Moneycontrol had reported on Tuesday that Zee had moved an application before SAT for the extension of one day for warrant subscription. ZEEL had sought permission to make payment for an additional 2,40,59,266 warrants. Following the payment, including the delayed payment, the total number of warrants subscribed stood at 23,35,07,071, according to the proceedings.