ZEEL board okays Rs 3,143 cr warrants to promoter group entity

ZEEL board approved issuing up to 24.94 crore fully convertible warrants to Sunbright Mauritius Investments (promoter group entity) on a preferential basis at Rs 126 per warrant, totaling Rs 3,143.52 crore. Each warrant converts into one equity share, with 25 percent upfront payment and balance within 18 months. Post-conversion, these will constitute up to 20 percent of share capital on a fully diluted basis, at a 16.33 percent premium to market price. Board also approved ESOP 2026 with up to 3.74 crore options at Rs 126 exercise price. Shareholder approval to be sought.