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| Exchange Disseminated Time | Zee Entertainment Enterprises Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 22, 2013, inter alia, has :
1. Approved enhancement of FII investments in the Company beyond the current limit of 49% up to the maximum Sectoral limit allowed under applicable FDI regulations, subject to appropriate approvals.
In addition, as a Special Reward to shareholders on completion of 20 years of broadcasting business of the Company, the Board has considered and approved distribution of about Rs. 2000 Crores, by way of Bonus issue of 6% Redeemable Preference Shares ('RPS'). Based on this decision, the Company will issue 21 (Twenty-one) RPS of Re. 1 each for every Equity Share of Re. 1 each held in the Company, through a Court approved Scheme of Arrangement and such issuance shall be subject to other statutory and regulatory approvals/exemptions. |
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