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

MUMBAI: Zee Entertainment Enterprises has secured the board’s nod to raise Rs 2,000 crore through a share sale.
The move comes after Zee’s merger deal with Sony Pictures Networks India collapsed in Jan this year. After the deal fell apart, Zee was forced to reduce expenses and improve profits. It also pulled out from a $1.4 billion cricket broadcasting deal with Walt Disney.Zee can deploy multiple modes including issuance of fresh shares to institutional investors, it said in an exchange filing on Thursday.
The fundraising may happen in one or more tranches, it added. The company, helmed by Punit Goenka, will use the funds to pursue “future growth opportunities in the evolving media landscape”.
Amid the collapse of the merger deal with Sony India and the legal battles, Zee has sought a deal termination fee of $90 million from Sony India.