Zee board approves ₹2000 crore fundraising

Zee gets board approval to raise Rs.2,000 crore after a failed merger with Sony earlier this year

Updated on: Jun 6, 2024, 15:49:17 IST

By HT News Desk

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The board of Zee Entertainment Enterprises Limited (ZEEL) has given its in-principle approval today to raise funds up to Rs.2,000 crore via issuance of shares or eligible securities, the company said in a filing.

Zee Entertainment logo (REUTERS)

Zee had earlier announced that it would be considering fundraising by way of issuance of equity shares and/or via private placement, a qualified institutions placement, preferential issue, or any other method or combination of methods.

This development comes after Sony scrapped its $10 billion (Rs.83,481 crore) merger plan with Zee earlier this January, leading to the company announcing it would lay off 15% of its workforce to cut costs and remodel its leadership structure.

Also Read | Zee wants Sony to pay ₹750 crore for calling off $10-billion merger deal

Zee shares rose 5% higher to Rs.153.75 on the BSE after the announcement. The stock gained 12.5 percent in a month.

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HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

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