Zee Entertainment Eyes $240 Mln Fundraising

Zee Entertainment Enterprises Ltd. plans to raise as much as 2,000 crore rupees ($240 million) via issuance of shares or any other eligible securities.

The company’s board today granted an in-principle approval for raising up to 2,000 crore rupees via issuance of equity shares, convertible or non-convertible securities, the Indian media and entertainment company said in a stock exchange announcement.

Zee, which plans to raise funds in one or more tranches, will consider options such as a private placement, qualified institutional placement and preferential issue.

“This [fundraising] will enable the company to enhance its strategic flexibility to pursue future growth opportunities in the evolving media landscape,” Company Secretary Ashish Agarwal said following Zee’s board meeting today.

The fundraising will be subject to statutory approvals, including clearance from shareholders, according to the statement.

Note: $1 = 83.4314 Indian rupees

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