Aplab to remove debt-ridden Zee Entertainment Enterprises from promoter list to public
Electric equipment maker Aplab on Wednesday said it will reclassify debt-ridden Zee Entertainment Enterprises Ltd (ZEEL) from promoter category to public category
New Delhi: Electric equipment maker Aplab on Wednesday said it will reclassify debt-ridden Zee Entertainment Enterprises Ltd (ZEEL) from promoter category to public category.
The company's board is scheduled to meet on 26 March to approve the reclassification process, Aplab said in a regulatory filing.
For the quarter ended 31 December, 2019, stake of ZEEL in Aplab had fallen to 9.50 percent to 475,000 shares.
"We hereby inform you that a meeting of the Board of Directors of the Company will be held on Thursday, 26 March, 2020 to approve the reclassification process of ZEEL from Promoter Category to Public Category and other matters," it said.
Presently, the 'Promoter & Promoter Group' holds 58.97 percent stake in Aplab.
Earlier, ZEEL held 13.21 lakh shares, comprising 26.42 percent of the paid-up capital of Aplab.
ZEEL had acquired these share in 2013.
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