Zee Entertainment shares up 7%

12 Jul 2024 , 02:11 PM

Zee Entertainment shares soared by 7% in the afternoon session after the company announced its intention to raise funds through the issuance of securities.

In a filing with the stock exchanges, Zee Entertainment revealed plans to raise funds via equity shares or other eligible securities. This could be accomplished through various tranches, including private placements, qualified institutional placements (QIP), preferential issues, or a combination of these methods.

As of 2.08 pm, Zee Entertainment’s shares were trading at ₹156.55 per share on the BSE, marking a 6.37% increase.

Board Meeting Scheduled

Zee Entertainment’s board will convene on July 16, 2024, to consider and approve the specifics of the fundraising initiative and the appropriate instruments to be issued.

Leadership Changes

On June 19, the company’s CFO, Rohit Kumar Gupta, resigned for personal reasons. Zee Entertainment subsequently appointed Mukund Galgali, head of commercial and strategic initiatives, as the acting CFO. Galgali has been with the company for 17 years and will serve in the interim role.

Previous Fundraising Approval

In June, Zee’s board granted in-principle approval to raise up to ₹2,000 Crore through the issuance of shares or eligible securities. This move comes after Sony’s decision to scrap the $10 Billion mega-merger with Zee earlier in January.

Stock Performance

Over the past year, Zee Entertainment shares have declined by 22%, in contrast to the 26% rise in the benchmark Nifty 50 index.

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