Zee Entertainment shares gained around 1% in morning trade on Wednesday after the company approached the Securities Appellate Tribunal (SAT) seeking a one-day extension to complete the subscription to warrants by its promoter group entity, Sunbright Mauritius Investments. The company had allotted 20.94 crore fully convertible warrants at Rs 126 apiece, taking the total issue size to around Rs 2,639 crore. Sunbright Mauritius had paid 25% of the warrant issue price, amounting to Rs 659.76 crore, while around Rs 76 crore of the required funds was reportedly in transit. The additional infusion could allow the promoter entity to subscribe to warrants corresponding to up to 2.4 crore shares and potentially increase its stake by around 2 percentage points. SAT is expected to hear the company’s request on Thursday. Zee Entertainment shares were trading at Rs 105.91 on the NSE at 10:20 am, up Rs 1.09 or 1.04%.

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