Zee Entertainment Enterprises Ltd’s board of directors on Thursday gave in-principle approval for raising funds up to Rs 2,000 crore ($240 million), according to a stock exchange filing by the Indian media and entertainment major.
Per its stock exchange filing, ZEE 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.
The announcement comes in the wake of the collapse of ZEE’s planned $10 billion merger agreement with Sony India in January. Subsequent to that, ZEE also pulled the plug on the $1.4 billion cricket rights deal it had inked with Disney Star in 2022, as reported by Reuters.
