Zee Entertainment gets shareholder approval to raise Rs 2,000 crore via issuance of securities

Zee Entertainment Enterprises Limited got the approval of its shareholders to raise Rs 2,000 crore. 

“The remote e-voting process concluded today i.e., Monday, July 15, 2024, at 5:00 p.m. (IST),post which the Scrutinizer appointed for scrutiny of Postal Ballot process, Ms. Vinita Nair (Membership No. F10559), Senior Partner, M/s. Vinod Kothari & Co., Company Secretaries, has submitted her report on the results of the Postal Ballot. Based on the report of the Scrutinizer, we hereby inform you that the shareholders of the Company have duly passed the resolution for issuance of securities for an amount not exceeding Rs 2,000 crore with requisite majority,” Zee said in a regulatory filing. 

On July 11, Zee Entertainment had informed the bourses that its board of directors will meet on July 16 to discuss fundraising options. These options include private placements, Qualified Institutional Placements (QIP), and preferential issues. The announcement outlined plans for issuing securities in multiple tranches to enhance the company’s strategic flexibility and support future growth opportunities in the media industry. 

The disclosure followed the board’s previous decision on June 6 to approve raising funds amounting to Rs 2,000 crore, crucial for enhancing strategic options and seizing growth prospects.