Zee Entertainment shares rise 6% ahead of board meet to raise funds, check details

Shares of Zee Entertainment Enterprises Ltd zoomed over 8% intraday on Friday after the firm said it has scheduled a board meet on July 16 to consider fund raising proposals through the issue of securities through all permissible modes in one or more tranches, including but not limited to private placement, a QIP, preferential issue or other methods.

Zee Entertainment shares rose 8.22 per cent intra day at Rs 159.25 against the previous close of Rs 147.15 on BSE. Later, the stock ended 5.71% higher at Rs 155.55 on BSE. Total 15.50 lakh shares of the firm changed hands amounting to a turnover of Rs 24.13 crore. Market cap of Zee Entertainment rose to Rs 14,940 crore.

The stock hit a 52-week high of Rs 299.05 on December 12, 2023 and a 52-week low of Rs 126.15 on June 4, 2024 on BSE.

The share has lost 23% in one year and fallen 45.42 per cent since the beginning of this year. In a month, the stock has corrected 6.77 per cent.

In terms of technicals, the relative strength index (RSI) of Zee Entertainment stands at 43.3, signaling the stock is trading neither in the oversold nor in the overbought zone. Zee Entertainment stock has a one-year beta of 1.3, indicating very high volatility during the period. Zee Entertainment shares are trading higher than the 5 day, 10 day, 20 day, 50 day but lower than the 150 day and 200 day moving averages.

On June 6, the board had approved raising funds to the tune of Rs 2,000 crore via all permissible methods. The company had said that this would enable them to enhance its strategic flexibility to pursue future growth opportunities in the media landscape.

"Further to the outcome of the Board Meeting submitted on Thursday, June 6, 2024 as regards to raising of funds by way of issuance of equity shares and/or any other eligible securities (convertible/non-convertible) 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 (“Appropriate Instruments”) and pursuant to Regulation 29(1)(d) of the Listing Regulations, we wish to inform you that a meeting of the Board of Directors of the Company is scheduled to be held on Tuesday, July 16, 2024, interalia, to consider and approve the raising of the funds through the issuance of Appropriate Instruments along with the terms and conditions of the Appropriate Instruments, subject to such regulatory/statutory approvals, as may be required," said the firm.