'Nothing is better than making your own decision in your own interest': Dr Subhash Chandra's advice to ZEEL shareholders
New Delhi: Dr Subhash Chandra, the chairman emeritus of Zee Entertainment Enterprise (ZEEL) on Thursday, July 3, urged shareholders and investors to make their own decisions, rather than going by the recommendations of the proxy advisors. What did Dr Chandra say?
Dr Subhash Chandra said, 'Our learned proxy advisors, and sometimes even some analysts, have their own reasons and points of view when they advise shareholders to vote for or against a resolution. At times, their personal bias may influence their recommendations,' as he requested investors to make their own decisions, since it's their money at stake.
'Ultimately, nothing is better than making your own decision in your own interest, because you are the investor and it is your money at stake. The proxy advisor has not invested their money; you have,' he said. What was the occasion?
Dr Chandra made these observations on the sidelines of ZEEL's announcement of the issue of up to Rs 16.95 crore fully convertible warrants to entities belonging to the promoter group on a preferential basis. Upon realisation, the move will see promoters invest Rs 2,237.44 crore at Rs 132 per warrant, will increase the Dr Chandra-led Zee promoter group's stake in the company to 18.39% from the existing 3.99%, subject to shareholder approval.
If the resolution is approved by the shareholders at the upcoming annual general meeting, promoters will initially pay 25% of the amount, Rs 559.4 crore, at the time of allotment. The balance of Rs 1,679.58 crore will be brought in upon the conversion of warrants within 18 months, in line with SEBI's ICDR Regulations. What did Dr Chandra say on warrants?
'Regarding the question of warrants, I can assure you that we will not wait for the entire 18-month period. We will bring in the remaining funds as soon as possible, at the earliest opportunity,' said Dr Chandra as he assured investors that the promoters intend to accelerate this timeline clarifying further that as per reports, the company would neither raise debt nor pledge shares to fund this infusion.
He further pointed out that the investor call was part of Zee's effort to be 'more transparent and much more open to the shareholders.'
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