Punit Goenka is looking to regain his board position back at Zee Entertainment Enterprises Ltd. through the company’s Rs 2,000-crore plus fundraise.
Goenka, who is part of the media giant’s promoter family, is also among the ultimate beneficiaries of Sunbright Mauritius Investments Ltd. Documents show that Sunbright will be subscribing to over 99% of the Rs Rs 2,237-crore warrants issue, which will then be converted to a 14.92% stake in the company upon conversion.
Currently, Zee promoters don’t have any board seat, but promoter-led funding will allow them to have right to board representation.
Punit Goenka, relinquished his position as managing director of the company in November, 2024 and ceased to be a director soon after. This followed the resolution for his re-appointment failed to get the requisite majority from the company’s shareholders.
A fundraise where an entity backed by Goenka ends up holding nearly 15% stake in the company, will also end up giving him the right to board representation.
(This is a developing story)
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