An Indian appeals tribunal granted Zee Entertainment partial relief from a securities market ban, allowing the television broadcaster to proceed with a fundraise through an issue of warrants.
The Securities Appellate Tribunal allowed Zee to issue fully convertible warrants to a promoter group entity on a preferential basis. Shares of Zee ended 5.7% higher on Friday.
In July, the Securities and Exchange Board of India barred Zee from the securities markets for two months, and CEO Punit Goenka and Founder-Chairman Emeritus Subhash Chandra for a year. Last month, Zee approved the issue of convertible warrants worth 31.44 billion rupees ($329.5 million).
The tribunal said the company’s debarment from the securities markets would continue apart from the limited permission to complete the warrant issue. The tribunal also extended by a week the deadline for the warrant issue, which was due to expire on August 14.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
