After this news, the company's shares increased by 5 percent and closed at Rs 153.75.
In a stock exchange filing, Zee said that "the total amount to be raised by issuing such securities will not exceed Rs 2000 crore and is subject to regulatory/statutory approvals including shareholders' approval, as may be necessary".
The Board of Directors, in its meeting, has given its in-principle approval to "raise funds by issuing equity shares and/or any other eligible securities (convertible/non-convertible) through permissible modes in one or more tranches". This was added.
The company said the fund raise will help it enhance its strategic flexibility to pursue future growth opportunities in the evolving media landscape.
The approval for the fundraising came after Sony called off its $10 billion merger with Zee in January.
Zee has since announced several measures to reduce costs amid the restructuring exercise, including cuts in its workforce.
In a stock exchange filing, Zee said that "the total amount to be raised by issuing such securities will not exceed Rs 2000 crore and is subject to regulatory/statutory approvals including shareholders' approval, as may be necessary".
The Board of Directors, in its meeting, has given its in-principle approval to "raise funds by issuing equity shares and/or any other eligible securities (convertible/non-convertible) through permissible modes in one or more tranches". This was added.
The company said the fund raise will help it enhance its strategic flexibility to pursue future growth opportunities in the evolving media landscape.
The approval for the fundraising came after Sony called off its $10 billion merger with Zee in January.
Zee has since announced several measures to reduce costs amid the restructuring exercise, including cuts in its workforce.
