Zee Media Board Approves Fundraise Of Up To Rs 200 Crore

Private news broadcaster Zee Media on Wednesday said it has plans to raise up to Rs 200 crore from an issue of equity shares or other eligible securities through various modes. The company's board in its meeting held on Wednesday "granted its approval for exploring available options for raising of funds" through all permitted instruments, according to a regulatory filing from Zee Media.

The approval is "for an amount not exceeding Rs 200 crore, in one or more tranches", which will be subject to approvals from shareholders/ regulatory and statutory approvals, it added. The company will explore the issuance of equity shares or preference shares. It will also explore other eligible securities, including by way of private placement or qualified institutions placement or preferential issue.

Earlier, another Essel group firm Zee Entertainment had announced plans to raise Rs 2,000 crore to fund its growth. Zee Media, which operates a cluster of 16 TV news channels, has reported a decline of 11.4 per cent in operating revenue to Rs 6,382.9 crore for the financial year ended March 2024. Its loss has also widened to Rs 98.43 crore in FY24. Shares of Zee Media settled 1.67 per cent higher at Rs 14.57 apiece on the BSE.

(PTI)