INSUBCONTINENT EXCLUSIVE:
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 March 26 to approve the reclassification process, Aplab
said in a regulatory filing.
For the quarter ended December 31, 2019, stake of ZEEL in Aplab had fallen to 9.50 per cent to 4.75 lakh
shares.
"We hereby inform you that a meeting of the Board of Directors of the Company will be held on Thursday, March 26, 2020 to approve
the reclassification process of ZEEL from Promoter Category to Public Category and other matters," it said.
Presently, 'Promoter - Promoter
Group' hold 58.97 per cent stake in Aplab.
Earlier, ZEEL held 13.21 lakh shares, comprising 26.42 per cent of the paid up capital of
Aplab.
ZEEL had acquired these share in 2013.