Zee Entertainment Enterprises Limited has informed the Exchange regarding Proceedings of Extraordinary General Meeting held on July 10, 2025. Further, the company has submitted the Exchange a copy of Srutinizers report along with voting results.
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Zee Entertainment Enterprises held an Extraordinary General Meeting on July 10, 2025 to seek shareholder approval for issuing fully convertible warrants to promoter group entities on a preferential basis. Out of 653,378 shareholders on record, 545.7 million shares (56.8% of outstanding) were polled through e-voting. Of these, 324.8 million shares (59.5%) voted in favour and 220.9 million shares (40.5%) voted against. While promoters voted 100% in favour and public non-institutional shareholders backed the proposal 79.8% in favour, public institutional shareholders rejected it with 52.2% voting against. Since a special resolution requires votes in favour to be at least three times votes against, and the actual ratio was only about 1.47x, the scrutinizer certified that the special resolution has not been passed.
The promoter group's plan to raise its stake via preferential allotment of convertible warrants has been blocked, primarily by public institutional shareholders. This could delay the company's capital-raising plans, deepen promoter-minority tensions, and create uncertainty around the promoter's future stake in ZEEL.