Zee Entertainment Enterprises Limited (ZEEL) on July 15 said that it has got the approval of the shareholders of the company to raise Rs 2,000 crores from the market through various routes, including issuing equity shares and qualified institutions placements (QIPs).
The remote e-voting period for this special resolution commenced on Sunday and ended on Monday, July 15, 2024, at 5 pm.
In a regulatory filing, Zee said,"The remote e-voting process concluded today i.e., Monday, July 15, 2024, at 5:00 p.m. (IST),post which the Scrutinizer appointed for scrutiny of Postal Ballot process, Ms. Vinita Nair (Membership No. F10559), Senior Partner, M/s. Vinod Kothari & Co., Company Secretaries, has submitted her report on the results of the Postal Ballot. Based on the report of the Scrutinizer, we hereby inform you that the shareholders of the company have duly passed the resolution for issuance of securities for an amount not exceeding Rs2,000 crores with requisite majority."
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.
Zee had earlier announced that it would be considering fundraising on June 6 by way of issuance of equity shares and/or via private placement, a qualified institutions placement, preferential issue, or any other method or combination of methods subject to such approvals as may be required. The fundraising approval comes after Sony scrapped its $10 billion mega merger earlier in January this year with Zee.
Since then, the media company has announced a slew of measures to cut costs and reduce losses in its business, including cutting 15 percent of its workforce. It has announced a remodel of the company's leadership structure.
Shares of Zee on July 15 closed at 3.14 percent higher at Rs 160.38 apiece on BSE.
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