ZEEL to consider raising of funds this week
Zee Entertainment Enterprises Ltd (ZEEL) on Monday said that its Board of Directors will be meeting on June 6 to consider raising funds by way of issuance of equity shares and/or via private placement, a qualified institutions placement, preferential issue, or any other method or combination of methods subject to such approvals as may be required. Informing the BSE, the Puneet Goenka-led company said, “Pursuant to Regulation 29(1)(d) of the Listing Regulations, we wish to inform you that a meeting of the Board of Directors of the Company is scheduled to be held on Thursday, June 6, 2024, inter-alia, to consider raising of funds by way of issuance of equity shares and/or any other eligible securities (convertible/non-convertible) through permissible modes, including but not limited to a private placement, a qualified institutions placement, preferential issue, or any other method or combination of methods subject to such approvals as may be required.”
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“Further, as per the Company's Code of Conduct for Prohibition of Insider Trading, the Trading Window for dealing in securities of the Company will remain closed with effect from date and time of this intimation till 48 hours after the conclusion of the meeting to be held on June 6,” it said.
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The development comes after Sony terminated its $10 billion merger plan with Zee in January. According to Karan Taurani, Senior VP, Elara Capital, steady improvement is expected in terms of Zee’s “overall restructuring and cost optimisation initiatives”. “Zee has had a robust catalogue of movies, TV shows, web series and music content, which limits potential downside risks. Any potential tie-up with a strategic partner, better corporate governance practices or a turnaround to scale up their digital offerings with lower losses will be key monitorable for valuation multiple re-rating,” he added.