Private broadcaster Zee Media Corp. said it plans to raise up to Rs 200 crore through the issue of equity shares or other eligible securities through various methods.
The company's board in their Wednesday meeting approved the exploration of available options for fundraising through all permitted instruments, as stated in a regulatory filing by 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 said.
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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.
Previously, another Essel Group company, Zee Entertainment, had revealed its intention to raise Rs 2,000 crore to finance its expansion. Zee Media, which runs a network of 16 television news channels, reported an 11.4% decrease in operating revenue, amounting to Rs 6,382.9 crore for the full year ended March 2024.
The company's loss has widened to Rs 98.43 crore in fiscal 2024. Meanwhile, Zee Media's shares closed 1.67% higher at Rs 14.57 each on the BSE.
(With inputs from PTI)
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