MUMBAI: Zee has won shareholder approval to issue convertible warrants to its promoters, clearing the 75% threshold required under Indian company law by a narrow 1.6 percentage points, with 76.6% of votes cast in favour. The approval lets Zee issue 24.95 crore warrants to promoters at Rs 126 apiece, raising Rs 3,144 crore. Conversion will lift the promoter stake to 24% from 4%, diluting public shareholders by 21%. Promoters voted unanimously in favour; institutional shareholders opposed the resolution with 51% voting against and 49% in favour. Non-institutional shareholders carried the vote, backing it 97%. The result reverses a July 2025 setback, when shareholders rejected a Rs 2,237 crore fund-raise through fully convertible warrants, with only 60% in favour. Shareholders also approved Zee’s employee stock option plan, granting 3.74 crore options to eligible staff at the broadcaster and its subsidiaries, with 89% in favour — support that was broad-based, with institutional investors backing it 79% and non-institutional shareholders 96%.