MC EXCLUSIVE Zee Entertainment moves SAT again, seeks one-day extension for warrant subscription
SAT is likely to hear Zee Entertainment’s plea for a one-day extension after around Rs 76 crore in warrant subscription funds was delayed in transit.
Brajesh Kumar
August 25, 2026 / 15:02 IST
Zee Entertainment moves SAT again, seeks one-day extension for warrant subscription
- Zee seeks 1-day extension from SAT for warrant subscription.
- Funds of Rs 76 crore were in transit.
- Could increase promoter stake by 2 percentage points.
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Zee Entertainment Enterprises Limited has moved the Securities Appellate Tribunal (SAT) again, seeking a one-day extension for completing the subscription to warrants by its promoter entity
The company has cited funds being in transit and said the money was received later,nsit. The additional infusion could allow Sunbright Mauritius Investments Limited, the promoter group entity, to subscribe to warrants corresponding to up to 2.4 crore shares. This could enable the promoter entity to further increase its stake in Zee Entertainment by around 2 percentage points
SAT is likely to hear the matter on Thursday.
Earlier, SAT had allowed Zee Entertainment to raise funds from its promoter entity and had granted the company a week’s time for the warrant subscription. The one-week timeline ended on August 21. ZEEL had sought extension of two weeks but the SAT allowed only for one week.
Securities and Exchange Board of India (SEBI) had issued a final order against Zee Entertainment, CEO Punit Goenka, and founder-chairman emeritus Subhash Chandra on July 31, 2026, imposing market bans and financial penalties totaling Rs 1.48 crore for corporate governance lapses and unauthorized asset pledging.
Zee lated challenged SEBI’s directions before SAT, which, through its August 14 order, permitted the company to proceed with the preferential issue subject to certain conditions, including completion of the subscription process within a week. Following the tribunal’s relief, Zee allotted 20.94 crore fully convertible warrants to promoter group entity Sunbright Mauritius Investments Limited on August 21. The allotment was done at Rs 126 per warrant. The company had received 25 percent, or Rs 31.50 per warrant, amounting to Rs 659.76 crore, at the time of allotment.
The warrants could be converted into an equivalent number of fully paid-up equity shares within 18 months by paying the remaining Rs 94.50 per warrant. Upon full conversion, Sunbright Mauritius Investments would hold 17.90 percent of Zee Entertainment on a fully diluted basis. This additional infusion of around Rs 76 crore will allow additional conversion of upto 2 percent. Promoters group has curently around 4 percent stake in the Zee Entertainment. If things go as planned the promoter stake can go upto 24 percent.
The allotment followed shareholder approval, stock exchange in-principle approvals and the SAT order dated August 14, 2026.
An email sent to Zee Entertainment for comments did not elicit any response till the time of publishing of the story.
Brajesh Kumar is Associate Editor at Moneycontrol with over two decades of experience in financial journalism. He primarily covers capital markets, with a strong focus on SEBI and regulatory developments. Interest in tax, healthcare, and pharmaceutical-related issues. Previously, he has worked with Zee Business, CNBC Awaaz, and News18 India.
X( (Twitter): @BrajeshKMji
first published: Aug 25, 2026 02:57 pm
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