New Delhi, June 16 -- The promoters of Zee Entertainment Enterprises Ltd are set to increase their stake in the company to 18.39% through a preferential allotment of fully convertible warrants worth Rs.2,237.4 crore, as the media firm looks to shore up its financial foundation and accelerate its pivot to a content-tech-led growth strategy.

The Zee board, after two rounds of meetings on Sunday, approved the issuance of up to 16.95 crore warrants to promoter group entities at Rs.132 per warrant, higher than the regulatory floor price of Rs.128.58, according to a company statement.

The promoter group, led by Subhash Chandra, currently owns 4.28%.

Investment bank JP Morgan had earlier presented strategic alternatives and reviewed Zee's med...