BENGALURU, Aug 14 (Reuters) – An Indian appeals tribunal granted Zee Entertainment partial relief from a securities market ban on Friday, allowing the television broadcaster to proceed with a fundraise through an issue of warrants.
Here are some details:
• The Securities Appellate Tribunal, which hears appeals against orders passed by the Securities and Exchange Board of India, allowed Zee to issue fully convertible warrants to a promoter group entity on a preferential basis, an order showed
• Shares of Zee ended 5.7% higher on Friday
• In July, SEBI barred Zee from the securities markets for two months, and CEO Punit Goenka and Founder-Chairman Emeritus Subhash Chandra for a year
• Last month, Zee approved the issue of convertible warrants worth 31.44 billion rupees ($329.5 million)
• The tribunal said the company’s debarment from the securities markets would continue apart from the limited permission to complete the warrant issue
• The tribunal also extended by a week the deadline for the warrant issue, which was due to expire on August 14
($1 = 95.4250 Indian rupees)
(Reporting by Nishit Navin in Bengaluru; Editing by Mrigank Dhaniwala)
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