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