MUMBAI: Zee Entertainment Enterprises has asked the Securities Appellate Tribunal for a one-day extension to complete a warrant subscription by its promoter entity, after part of the funds due arrived late. The company told SAT that about Rs 75 crore of the subscription amount was in transit and credited after the deadline. SAT is expected to rule on Thursday.SAT had earlier allowed Zee to raise funds through warrants and gave the broadcaster a week to complete the subscription. That deadline fell on Aug 21. Zee allotted about 21 crore warrants at Rs 126 apiece to Sunbright Mauritius Investments, a promoter group entity, on that date. Sunbright had paid 25% of the amount — about Rs 660 crore — at allotment.The warrants can be converted into equity within 18 months, with the remaining Rs 94.5 per warrant due on conversion. Full conversion would take Sunbright’s stake in Zee to about 18%. The additional Rs 75 crore infusion, if approved, would let Sunbright convert a further two percentage points. Promoters, who currently hold 4% of Zee Entertainment, could see their combined stake rise to 24%.
