Zee Media board approves fundraise of up to Rs 200 cr

Delhi: Private news broadcaster Zee Media, on Wednesday, said it has plans to raise up to Rs 200 crore from an issue of equity shares or other eligible securities through various modes.

The company's board in its meeting held on Wednesday "granted its approval for exploring available options for raising of funds" through all permitted instruments, according to a regulatory filing from Zee Media.

The approval is "for an amount not exceeding Rs 200 crore, in one or more tranches,” which will be subject to approvals from shareholders/ regulatory and statutory approvals, it added.

The company will explore the issuance of equity shares or preference shares. It will also explore other eligible securities, including by way of private placement or qualified institutions placement or preferential issue.

Earlier, another Essel group firm Zee Entertainment had announced plans to raise Rs 2,000 crore to fund its growth.