Zee shareholders reject proposal to allow promoters to increase their stake

Mumbai: On Thursday, Zee Entertainment Enterprises LTD shareholders rejected an offer to allow the media company’s supporters to increase their four times more than 3.99%.

60% of the votes given at the annual general meeting fell less than 75% of the company’s two -supporting institutions in favor of the proposal to subtract warrant. Upon transformation, warrants would help supporters led by Subhash Chandra to 18.39%.

This comes only two days after the shareholders have approved the appointment of two principals in the company after a series of rejection in the last three years.

“The management of the Board and the company said in a statement on Thursday that ~ 60% of the shareholders participating in the voting process support the decisions about giving warrants to supporting group organizations and are grateful for their support.”

The spokesman added that the company respects the decision of the remaining shareholders.

Stocks are higher

Zee shares 0.14% higher at BSE on Thursday La141.9 Each. Benchmark Sensex finished the session lower than 0.41%.

Previously, Norges Bank, the largest foreign investor, who controlled 3.86% of Zee, gave the approval of the transaction. California Pension System of Public Employees (Calpers). Calvert Research and Management, a part of Morgan Stanley Research, and the New York Group Trust rejected the decision to increase the supporters’ stake.

Proxy Consulting Companies Corporate Investor Counseling Services (IIAS) and Indorn shareholders urged the proposed transaction to reject. Stakeholder strengthening services (SES), which had previously had the same view as their peers, changed his opinion in favor of the transaction just a week before the shareholder vote. Glass Lewis, a Proxy Advisor based in California, gave him a thumb.