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Zee Entertainment Enterprises to raise funds up to Rs 2,000 crore
Zee Entertainment Enterprises Limited (ZEEL) on Thursday announced to raise funds up to Rs 2,000 crore via shares or eligible securities.
New Delhi: Zee Entertainment Enterprises Limited (ZEEL) on Thursday announced to raise funds up to Rs 2,000 crore via shares or eligible securities.
The company's stock went up 5 per cent to close at Rs 153.75 apiece after the news.
In a stock exchange filing, Zee said that "the aggregate amount to be raised by issuance of such securities shall not exceed Rs 2000 crore and is subject to regulatory/statutory approvals, including approval of the shareholders, as may be required".
The Board of Directors, at its meeting, has, "given its in-principle approval for raising funds by way of issuance of equity shares and/or any other eligible securities (convertible/nonconvertible) through permissible modes in one or more tranches", it added.
The company said that fund-raise will enable it to enhance its strategic flexibility to pursue future growth opportunities in the evolving media landscape.
The approval for fundraising came after Sony cancelled its $10 billion merger in January with Zee.
Zee has since then announced several measures to reduce costs amid restructuring exercise, including cutting its workforce.
