ZEEL to raise Rs 2000 crore in funds to enhance strategic flexibility
The fundraising will be facilitated through issuing equity shares, other eligible securities or both
In order to enhance its strategic flexibility to pursue growth opportunities in the evolving media landscape, Zee Entertainment Enterprises Ltd (ZEEL) has approved a fundraising of Rs 2000 crore by way of issuance of equity shares and/or any other eligible securities.
Informing the BSE, ZEEL said, “We wish to inform that the Board of Directors of the Company at its meeting held today has, inter-alia, considered and given its in-principle approval for raising funds by way of issuance of equity shares and/or any other eligible securities (convertible/non-convertible) through permissible modes in one or more tranches, including but not limited to a private placement, a qualified institutions placement, preferential issue, or any other method or combination of methods, provided that the aggregate amount to be raised by issuance of such securities shall not exceed Rs. 2000 crores and subject to such regulatory/statutory approvals, including approval of the shareholders, as may be required.”
“This will enable the Company to enhance its strategic flexibility to pursue future growth opportunities in the evolving media landscape,” it said.
The development comes after Sony had in January this year terminated its $10 billion mega merger with Zee.
