Zee Entertainment Enterprises to raise funds up to Rs 2,000 crore

New Delhi, June 6 (IANS) 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.
–IANS
na/svn