ZEE Entertainment shareholders approve plan to raise Rs 2,000 crore

Zee Entertainment shareholders have approved a plan to raise Rs 2,000 crore from the market through various routes, including issuing equity shares and qualified institutions placements (QIPs).

The special resolution for "issuance of securities for an amount not exceeding Rs 2,000 crore" was passed by 78.83 per cent of the total polled votes, according to a scrutiniser report filed by Zee.

"The shareholders of the company have duly passed the resolution for issuance of securities for an amount not exceeding Rs 2,000 crore with requisite majority," the regulatory filing said.

The remote e-voting period for this special resolution commenced on Sunday and ended on Monday, July 15, 2024, at 5 pm.

Zee Entertainment Enterprise Ltd (ZEEL) plans to raise in one or more tranches through a private placement, a qualified institutional placement, a preferential issue or a combination of them.

Though the company has not specified how it plans to invest the amount, experts expect a portion of t