Mumbai, July 1 -- The promoter Goenka family of Zee Entertainment Enterprises Ltd has proposed to invest up to Rs.3,143.51 crore in the company through fully convertible warrants issued to promoter entity Sunbright International Holdings Ltd, at a conversion price of Rs.126 per share.

Shares of Zee Entertainment settled 4.6% higher at Rs.108.31 apiece on the National Stock Exchange on Wednesday.

In a board meeting on Wednesday evening, the promoters have proposed to eventually hike Sunbright International's shareholding in Zee Entertainment from the current 0.18% to a little over 20%, taking the Subhash Chandra-led Goenka family's total stake in the company to just under 25%, according to an exchange filing.

The proposed transaction is...