New Delhi: Norges Bank Investment Management, which oversees the Government Pension Fund Global, has indicated it will vote in favour of Zee Entertainment Enterprises Ltd's proposal to raise Rs 2,237.44 crore from promoter group entities, which will lead to an increase in promoter shareholding to 18.4 per cent.
Government Pension Fund Global holds a 3.86 per cent stake in Zee Entertainment Enterprises Ltd (ZEEL) as of the quarter ended March 31, 2025, as per BSE data.
It is among the single-largest shareholders of the Indian firm.In a post on its website, Norges Bank Investment Management indicated that it will vote "for" ZEEL's proposal to "approve issuance of fully convertible warrants to the promoter group Entities on a preferential basis".
Last month, ZEEL said it planned to raise Rs 2,237.44 crore from promoter group entities, which will lead to an increase in promoter shareholding to 18.4 per cent.The board of the company approved to "issue of up to 16.95 crore fully convertible warrants, for consideration to be received in cash" to Altilis Technologies and Sunbright Mauritius Investments, Promoter Group entities, on a preferential basis.
Through the fresh fund infusion from promoters, ZEEL is looking to further fortify its core business segments and strengthen its financial foundation to explore value-accretive growth opportunities in the evolving Media & Entertainment landscape.
Proxy advisory firm Glass Lewis has also advised ZEEL's shareholders to vote in favour of the special resolution.ZEEL has called for an extraordinary general meeting (EGM) on July 10, 2025, to seek approval for the special resolution.
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