Zee board OKs Rs 2,000 crore raise via share sale

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MUMBAI: Zee Entertainment Enterprises has secured the board’s nod to raise Rs 2,000 crore by a share sale.
The transfer comes after Zee’s merger deal with Sony Pictures Networks India collapsed in Jan this 12 months. After the deal fell aside, Zee was compelled to cut back bills and enhance income. It additionally pulled out from a $1.4 billion cricket broadcasting cope with Walt Disney.Zee can deploy a number of modes together with issuance of recent shares to institutional traders, it stated in an trade submitting on Thursday.
The fundraising could occur in a number of tranches, it added. The firm, helmed by Punit Goenka, will use the funds to pursue “future growth opportunities in the evolving media landscape”.
Amid the collapse of the merger cope with Sony India and the authorized battles, Zee has sought a deal termination price of $90 million from Sony India.


Nilesh Desai
Nilesh Desaihttps://www.TheNileshDesai.com
The Hindu Patrika is founded in 2016 by Mr. Nilesh Desai. This website is providing news and information mainly related to Hinduism. We appreciate if you send News, information or suggestion.

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