Zee Entertainment Enterprises Ltd. has secured the approval of its board of directors to raise Rs. 2,000 crore through a sale of shares. The move comes after Zee’s merger deal with Sony Pictures Networks India collapsed in January this year. Other modes of raising funds will also be used in time to come. The funds will be utilised to pursue “future growth opportunities in the evolving media landscape”.
In a bid to reduce expenses and improve profits after the falling apart of the merger deal, Zee pulled out of a $1.4 billion cricket broadcasting deal with Walt Disney.