Aplab to remove debt-ridden Zee Entertainment 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.

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 475,000 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.