The insurer's vote is crucial for the Zee-Sony merger deal because LIC owns nearly 5% of Zee. If LIC does endorse the ZeeSony merger, it may also influence how Zee's public shareholders vote on the proposal.
"LIC's primary objective is to create value for policyholders. Corporate governance is indeed important, but as a shareholder in Zee Entertainment, LIC is aware of the state of affairs at Zee. LIC feels that the deal with Sony will create value for all shareholders, which is evident from the stock's behaviour," said one of the three people on condition of anonymity.
Emails sent to LIC and Zee did not elicit any response.
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