Move will enable the company to enhance its strategic flexibility to pursue future growth opportunities
NEW DELHI: Zee Entertainment Enterprises (ZEEL) has announced that its board has given it in-principle approval for raising funds up to Rs2,000 crore through issuance of shares or eligible securities.
“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/nonconvertible) 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 Rs2,000 crore,” the media firm stated in an exchange filing,
This will enable the company to enhance its strategic flexibility to pursue future growth opportunities in the evolving media landscape, said the firm.
This recent decision comes after the company earlier this year in January cancelled its big $10 billion merger with Sony.
