Zee’s board gives in-principle approval to raise funds up to Rs 2,000 crore

Zee Entertainment Enterprises’ board of directors has given its in-principle approval to raise funds up to Rs 2,000 crore.

The Indian broadcasting company plans to raise the funds through equity shares or any other eligible securities via a combination of private placements, qualified institutions placements, and preferential issues, it added.

This announcement came after Sony India terminated its merger agreement with Zee Entertainment, which was worth $10 billion in January of this year. The company also did not move ahead with its $1.4 billion cricket rights deal with Disney Star in 2022.

“This will enable the company to enhance its strategic flexibility to pursue future growth opportunities in the evolving media landscape,” according to its exchange filing.

Earlier, the company had said that it plans to raise funds from the market through various routes, including issuing equity shares and qualified institutions placements.

The company reported a net profit of Rs 84.18 crore in the quarter that ended March 2024, against a net loss of Rs 351.01 crore during the previous quarter that ended March 2023.
BCS Bureau