Zee Media Plans To Raise $24 Mln Through Securities

Indian television broadcaster’s board approves exploring options for fundraising
Zee Media Plans To Raise $24 Mln Through Securities

Zee Media Corporation Ltd., one of India's largest news networks, plans to raise as much as 200 crore rupees ($24 million) through the issuance of securities.

The company’s board today approved exploring the options for fundraising, the Indian television broadcaster said in a stock exchange announcement.

Zee Media will look to raise funds through various instruments, including issuance of equity shares and preference shares, via private placement, qualified institutional placement or preferential issue in one or more tranches.

The fundraising will be subject to clearance from shareholders and regulatory authorities. Zee Media didn’t disclose the proposed use of funds and the timeline of fundraising.

Note: $1 = 83.4439 Indian rupees

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