(ZEEL) on Wednesday announced that its board approved the issuance of up to 24,94,85,563 fully convertible warrants to Sunbright Mauritius Investments Ltd, a promoter group entity, at ₹126 per warrant, aggregating to approximately ₹3,143.51 crore.
The warrants will be issued on a preferential basis. Subscribers must pay 25 per cent of the issue price — ₹31.5 per warrant — upfront, with the remaining 75 per cent (₹94.5) payable on exercise. Warrant holders have up to 18 months from the date of allotment to convert the warrants into equity shares. If unexercised within that window, the warrants lapse and the subscription amount is forfeited.
Post conversion, Sunbright Mauritius would hold up to 20 per cent of the company’s share capital on a fully diluted basis. The allottee currently holds no shares in the company.
The issue price of ₹126 represents a premium of 11.86 per cent over the SEBI ICDR floor price and 16.33 per cent over the NSE closing market price as of July 1, 2026. The issue price was determined based on a valuation report from a registered valuer.
The board also approved the introduction of an Employee Stock Option Plan — ESOP 2026 — covering up to 3,74,22,835 equity shares, also priced at ₹126 per option, in compliance with SEBI’s Share Based Employee Benefits and Sweat Equity Regulations, 2021.
Both proposals require shareholder approval, for which the company will convene an Extraordinary General Meeting.