Zee shareholders approve a ₹2,000-crore fundraise

Shareholders of Zee Leisure Enterprises (ZEE) have handed the decision for issuance of securities for an quantity not exceeding ₹2,000 crore with requisite majority. Shareholder approval for the proposal comes almost a month after the Zee board gave its in-principle approval to lift as much as ₹2,000 crore via the issuance of shares or some other eligible securities. 

Informing the exchanges, the agency mentioned, “The distant e-voting course of concluded at this time — Monday, July 15 at 5:00 p.m. (IST). Primarily based on the report of the Scrutiniser, we hereby inform you that the shareholders of the corporate have duly handed the decision for issuance of securities for an quantity not exceeding ₹2,000 crore with requisite majority.”

The fundraising proposal comes after Sony scrapped its $10-billion merger earlier in January this yr, ending a deal that may have created an Indian TV juggernaut.

Marketing strategy

ZEE has since then introduced a slew of measures to chop prices and cut back losses in its enterprise, together with reducing 15 per cent of its workforce. The corporate had introduced a strategic realignment of its income vertical, which the MD and CEO drive immediately.

The board has additionally determined to carefully monitor the enterprise mannequin and plan introduced by the MD & CEO, whereby he has supplied the roadmap to enhance the efficiency and effectivity of every of the companies to realize greater EBITDA.