ZEEL board okays Rs 3,143 cr warrants to promoter group entity
ZEEL · price
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On the reaction day the stock moved 2.3 pts less than Nifty Smallcap 250 and 2.0 pts less than its TV Broadcasting & Software Production peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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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.
Promoter group stake to rise; up to 20 percent dilution possible on conversion; signals promoter support but dilutive for existing holders.