Zee Entertainment secures shareholder approval to raise Rs 2,000 crore

Mumbai: Zee Entertainment Enterprises Ltd (ZEEL) announced on 15 July that it has received approval from its shareholders to raise Rs 2,000 crore.

In a regulatory filing, Zee said,”The remote e-voting process concluded today i.e., Monday, July 15, 2024, at 5:00 p.m. (IST), post which the Scrutinizer appointed for scrutiny of Postal Ballot process, Ms. Vinita Nair (Membership No. F10559), Senior Partner, M/s. Vinod Kothari & Co., Company Secretaries, has submitted her report on the results of the Postal Ballot. Based on the report of the Scrutinizer, we hereby inform you that the shareholders of the Company have duly passed the resolution for issuance of securities for an amount not exceeding Rs2,000 crores with requisite majority.”

Earlier, on 6 June, Zee had announced its intention to raise funds through the issuance of equity shares and/or via private placement, qualified institutions placement (QIP), preferential issue, or other methods, subject to necessary approvals. This fundraising approval follows the cancellation in January of a proposed $10 billion merger with Sony.

Since then, Zee has implemented several measures to streamline operations and reduce losses, including a workforce reduction of 15 per cent and a restructuring of its leadership team.