ZEEL Enhances Promoter Stakes with Rs 2,237.44 Crore Fundraising

Zee Entertainment Enterprises Limited (ZEEL) announced plans to raise Rs 2,237.44 crore from promoter group entities, elevating the promoter shareholding to 18.4%. The company's board approved issuing up to 16.95 crore fully convertible warrants to Altilis Technologies and Sunbright Mauritius Investments on a preferential basis.

This financial infusion aims to bolster ZEEL's core business areas and strengthen its financial structure to seize emerging growth possibilities in the Media & Entertainment sector. The move marks a strategic decision to align with the company's long-term goals and capital investment in new avenues.

Ahead of the issuance, ZEEL's board is set to conduct an Extraordinary General Meeting to gain shareholder approval. This initiative follows a strategic evaluation by JP Morgan to enhance ZEEL's financial adaptability. Despite an evolving market with changing consumer preferences, ZEEL recorded a profit surge, while total income saw a slight dip.

(With inputs from agencies.)