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

Zee Entertainment Enterprises' board of directors on Thursday has given its in-principle approval for raising funds up to Rs 2,000 crore, according to its stock exchange filing.

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 comes after Sony India terminated its merger agreement with Zee Entertainment worth $10 billion in January this year. The company also did not move ahead with its $1.4 billion cricket rights deal with Disney Star in 2022, as reported by Reuters.

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

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

The company had reported a net profit of Rs 84.18 crore in the quarter ended March 2024 as against a net loss of Rs 351.01 crore during the previous quarter ended March 2023.