Zee Entertainment shareholders approve ₹2,000 Crore fundraising

16 Jul 2024 , 01:02 PM

Zee Entertainment Enterprises Limited (ZEEL) announced on July 15 that shareholders approved raising ₹2,000 Crores through various methods, including issuing equity shares and qualified institutional placements (QIPs).

The remote e-voting period for this special resolution began on Sunday and concluded on Monday, July 15, 2024, at 5 pm. In a regulatory filing, Zee reported that the e-voting process ended on July 15, 2024, at 5:00 p.m. (IST).

At the time of writing on July 16, 2024 at 12:35 pm, shares of Zee Entertainment Enterprises Limited (ZEEL) is currently trading at ₹157 which is a 1.71% dip than the previous close. Zee Entertainment Enterprises Limited (ZEEL) stock has witnessed a 31% dip in the last one year, and 44% since the beginning of the year.

Ms. Vinita Nair, Senior Partner at M/s. Vinod Kothari & Co., served as the Scrutinizer. The Scrutinizer submitted her report on the Postal Ballot results. Based on the Scrutinizer’s report, shareholders passed the resolution to issue securities worth up to ₹2,000 Crores with the requisite majority. The special resolution for raising up to ₹2,000 Crores was approved by 78.83% of the total polled votes.

Previously, on June 6, Zee announced it would consider fundraising through the issuance of equity shares, private placement, qualified institutions placement, preferential issue, or other methods, subject to necessary approvals.

The fundraising approval follows Sony’s scrapping of its $10 billion mega merger with Zee earlier in January.

Zee Entertainment Enterprises (ZEEL), formerly known as Zee Telefilms, is an Indian media conglomerate headquartered in Mumbai. The company has interests in television, print, internet, film, and mobile content. ZEEL operates 45 channels worldwide. Zee Telefilms was part of the BSE Sensex from 2000 to 2005.

In 2006, the news and regional entertainment channel business was spun off into a separate company, Zee News.

In May 2011, Star Den entered a 50/50 joint venture with Zee Turner and ZEEL to distribute and market all channels owned by the company and ZEEL, as well as their affiliated and third-party channels in India, Nepal, and Bhutan. ZEEL also owns a music label, Zee Music Company.