Shares of Zee Entertainment Enterprises Ltd on Tuesday climbed nearly 4 per cent after the firm said it plans to raise Rs 2,237.44 crore from promoter group entities.
The stock jumped 3.58 per cent to ₹142.90 on the BSE. At the NSE, it went up by 3.50 per cent to ₹142.75.
Zee Entertainment Enterprises Ltd (ZEEL) on Monday said it plans to raise ₹2,237.44 crore from promoter group entities, which will lead to an increase in promoter shareholding to 18.4 per cent.
The board of the company at its meeting held on Monday approved to "issue of up to 16.95 crore fully convertible warrants, for consideration to be received in cash" to Altilis Technologies and Sunbright Mauritius Investments, Promoter Group entities, on a preferential basis, said ZEEL.
This fresh infusion of funds from promoters will enable the company to further fortify its core business segments and strengthen its financial foundation to explore value-accretive growth opportunities in the evolving Media & Entertainment landscape, it said.
"The Promoters of the company will participate in the fund-raising exercise by investing ₹2,237.44 crore for the company's next phase of growth, taking the total promoter shareholding to 18.39 per cent," said ZEEL.