Zee Entertainment share jumped 7% after announcing board meeting to consider fundraising proposals

Zee Entertainment Enterprises (ZEEL) shares saw strong intraday trading on Friday, rising 7% to Rs 157.20 a share on the National Stock Exchange (NSE).

The share price increased after the firm announced that its board would meet on July 16 to discuss a fund-raising plan.

In an exchange filing, ZEEL stated that, among other things, the board of directors of the company will meet on Tuesday, July 16, 2024, to discuss and approve the raising of funds through the issuance of suitable instruments and their terms and conditions, subject to any needed regulatory or statutory approvals.

Last month, the board considered and approved raising funds of up to Rs 2,000 crore through the issue of securities in one or more tranches, such as but not limited to private placement, qualified institutions placement (QIP), preferential issue and other methods.

As of 12:55 pm, Zee Entertainment shares were trading 6.98% higher at ₹157.39.

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