The order gives window for the promoter group to complete warrant subscription of around 2.40 crore warrants.
Brajesh Kumar
August 27, 2026 / 12:05 IST
SAT allows Zee Entertainment one-day extension for warrant subscription
- SAT granted ZEEL a 1-day extension for warrant subscription.
- Extension for promoter group’s delayed funds.
- Balance 1.59 crore warrants remain unpaid.
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The Securities Appellate Tribunal (SAT) has allowed Zee Entertainment Enterprises Ltd (ZEEL) a one-working-day extension to complete the subscription to warrants by its promoter group entity, after the company said part of the funds had been received after the deadline.
SAT Presiding Officer PS Dinesh Kumar, in his order, said that “keeping in view the totality of circumstances”, an extension of one day for the issue of the warrants was “just and appropriate” and accordingly granted the relief.
Securities and Exchange Board of India (SEBI) did not oppose the extension. However, the market regulator told the tribunal that its limited request was that the order should record that payment had not been made for the balance 1,59,78,492 warrants. Moneycontrol had reported on Tuesday that Zee had moved an application before SAT for the extension of one day for warrant subscription.
ZEEL had sought permission to make payment for an additional 2,40,59,266 warrants. Following the payment, including the delayed payment, the total number of warrants subscribed stood at 23,35,07,071, according to the proceedings.
The order provides a further window for the promoter group entity, Sunbright Mauritius Investments Ltd, to complete the remaining portion of the warrant subscription.
The latest development follows an earlier one-week extension granted by SAT to ZEEL for completing the preferential warrant issue. The earlier deadline expired on August 21, following which the company approached the tribunal again seeking a further one-day relaxation.
Moneycontrol had earlier reported that around Rs 76 crore of the warrant subscription money was in transit and was received after the deadline. The additional infusion could allow Sunbright Mauritius to subscribe to warrants corresponding to about 2.4 crore shares, potentially increasing the promoter group’s stake by around two percentage points.
The warrants were issued at Rs 126 apiece, with the total issue size pegged at around Rs 2,639 crore. Sunbright Mauritius had initially paid 25 percent of the issue price, or Rs 31.50 per warrant, amounting to about Rs 659.76 crore. The maximum approved size for warrant conversion was Rs 3143.52 crore i.e. 24.95 crore warrants.
The warrants can be converted into equity shares within 18 months, subject to payment of the remaining Rs 94.50 per warrant. Full conversion of the warrants would take Sunbright Mauritius’ holding to around 17.90 percent on a fully diluted basis.
The warrant issue has been closely watched after SEBI, in its July 31 order, barred ZEEL and its chief executive officer Punit Goenka from accessing the securities market for two months. SAT, on August 14, however, allowed the company to proceed with the preferential warrant issue while retaining the market-access restriction. The tribunal had then granted ZEEL one week to complete the fundraise.
The latest SAT order effectively gives ZEEL one final working day to account for the delayed funds, while making clear that the balance 1,59,78,492 warrants remain unpaid.
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 27, 2026 12:05 pm
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