Zee approaches SAT seeking one-day extension to complete fundraise

The media firm is seeking relaxation for the pending infusion of Rs 76 crore of the Rs 3,143 crore fundraise after a portion was remitted a day later

Media firm Zee Entertainment Enterprises (Zee) has sought a one-day extension from the Securities Appellate Tribunal (SAT) to complete its fundraise via preferential warrant issuance to promoter entity Sunbright Mauritius Investments, according to sources.

 

The tribunal had on August 14 granted a one-week extension for the company to raise the capital, as interim relief against the July 31 order by market regulator Securities and Exchange Board of India (Sebi).

 

The one-week extension expired on August 21. The company is seeking relaxation for the pending infusion of ₹76 crore of the ₹3,143 crore fundraise, said sources. They added that a certain portion of the funds was remitted a day later, leading to the new request for an extension.

 

 

Following the completion of the capital infusion, the promoter stake in the media firm is expected to rise.

 

According to sources, the renewed request for an extension may be taken up by the tribunal on Thursday.

 

Zee and its chief executive officer Punit Goenka had approached the tribunal against the Sebi order, which restrained them from the securities market.

 

An emailed query to the company remained unanswered till the time of going to press. 

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