ZEE Entertainment Enterprises board has approved a fundraising of up to Rs 2,000 crore via equity shares or other eligible securities.
“The Board of Directors at its meeting held today considered and given its in-principle approval for raising funds by way of issuance of equity shares or any other eligible securities provided that the aggregate amount shall not exceed Rs 2,000 crore,” the company said in a filing.
This comes after the company had two major deals fail this year. A $10 billion merger with Sony India and a $1.4 billion cricket broadcasting deal with Walt Disney. Since then, the Indian broadcaster announced a slew of measures to cut costs and reduce losses in its business, including cutting 15% of its workforce.
As per Reuters, the company said it will use the funds to “enhance its strategic flexibility to pursue future growth opportunities in the evolving media landscape”. The 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.