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Norges Bank supports ZEEL's preferential issue of convertible warrants
As per the Bombay Stock Exchange (BSE), the Government Pension Fund Global holds a 3.86 per cent stake as of the quarter ending 31 March. This announcement comes a few days before ZEEL's Extraordinary General Meeting (EGM), which will be held on 10 July.
This follows ZEEL's earlier statement in its stock exchange filing that it intends to raise over ₹2,237 crore from the preferential issue of convertible warrants. In June, ZEEL's board of directors approved the issuance of 169,503,400 fully convertible warrants at ₹132 per warrant to the promoter group entities on a preferential basis. These warrants are proposed to be allotted to Altilis Technologies and Sunbright Mauritius Investments, which are linked to the promoter group entities.
Through this issue, the promoters, Subhash Chandra and his family, are expected to raise their shareholding in ZEEL to 18.39 per cent from the current 3.99 per cent within 18 months.
Additionally, Glass Lewis & Co., a global independent research and proxy advisory services firm, recommended in a report that shareholders vote in favour of the resolution regarding the rise in promoters' shareholding.
'In this case, assuming full conversion of warrants into equity shares of the company (ZEEL), we note that the dilution to current shareholders will be capped at approximately 15 per cent of the share capital, which we consider reasonable. We recommend that shareholders vote FOR this proposal,' the report stated.
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