The board of Zee Entertainment Enterprises Ltd. approved the plan to raise up to Rs 2,000 crore on Thursday. The fundraising will be subject to approval from shareholders and regulatory bodies.
The company will be raising Rs 2,000 crore through the issuance of equity shares, including through private placement, qualified institutional placement, preferential issue or any other method, the company said in an exchange filing on Thursday. The fundraising will be in one or more tranches.
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The scrip rose as much as 7.69% to Rs 157.55 apiece. It pared gains to trade 3.69% higher at Rs 151.70 apiece, as of 2:49 p.m. This compares with a 0.53% advance in the NSE Nifty 50.
It has risen by 23.31% in the last 12 months. Total traded volume so far in the day stood at 1.9 times its 30-day average. The relative strength index was at 55.
Out of 21 analysts tracking the company, seven maintain a 'buy' rating, six recommend a 'hold' and eight suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 22.6%.
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