Monday, July 15, 2024

Zee Media Board Approves Fundraising Up to Rs 200 Crore

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Zee Media, a private news broadcaster, has announced its plan to raise funds up to Rs 200 crore. This will be done by issuing equity shares or other eligible securities through various methods. The company’s board of directors approved the fundraising plan during their meeting on Wednesday.

Approval Details

In a regulatory filing, Zee Media stated that the board has approved exploring options for raising funds. The approval allows the company to raise up to Rs 200 crore in one or more installments. However, this fundraising is subject to approvals from shareholders, regulatory authorities, and other statutory bodies.

Methods of Fundraising

Zee Media is considering several instruments for the fundraising of Rs 200 Crore, including equity shares, preference shares, and other eligible securities. The funds may be raised through different methods such as private placements, qualified institutions placements (QIPs), preferential issues, or other permitted modes.

Zee Media Board Approves Fundraising Up to Rs 200 Crore
Zee Media letter to BSE and NSE informing them about the Board’s decision.

Board Meeting

The board meeting to discuss the fundraising plan started at 12.00 PM and concluded at 1.30 PM. The decision to raise funds comes as Zee Media looks to strengthen its financial position and support its growth initiatives.

Necessary Approvals

For the fundraising to proceed, Zee Media will need to obtain necessary clearances. This includes approvals from shareholders, regulatory bodies, and other statutory authorities. The company emphasized that all these steps are essential to move forward with the fundraising plan.

Zee Media is set to raise up to Rs 200 crore by issuing equity shares or other securities through various methods. The approval from the board marks a significant step in the company’s efforts to secure funds for its future growth and operations. The fundraising will be subject to the necessary approvals from shareholders and regulatory authorities, ensuring all legal requirements are met.

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