Zee Entertainment Enterprises (ZEEL) rallied 3.91% after the company announced that its board has given its in-principle approval for raising funds up to Rs 2,000 crore through issuance of shares or eligible securities.
In an exchange filing, the media company said, The board of directors has given its in-principle approval for raising funds by way of issuance of equity shares and/or any other eligible securities (convertible/nonconvertible) through permissible modes in one or more tranches, including but not limited to a private placement, a qualified institutions placement, preferential issue, or any other method or combination of methods, provided that the aggregate amount to be raised by issuance of such securities shall not exceed Rs 2,000 crore.
This will enable the company to enhance its strategic flexibility to pursue future growth opportunities in the evolving media landscape, said the firm.
ZEEL is a media & entertainment company offering entertainment content to diverse audiences. It is present across broadcasting, movies, music, digital, live entertainment, and theatre businesses, both within India and overseas.
The company reported net profit of Rs 12.18 crore in Q4 FY24 as compared with net loss of Rs 72.89 crore in Q4 FY23. Revenue from operations increased 2.7% to Rs 2,169.9 crore in Q4 FY24 as compared with Rs 2112.1 crore in Q4 FY23.
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