Shareholders of Zee Entertainment Enterprises (ZEE) have passed the resolution for issuance of securities for an amount not exceeding ₹2,000 crore with requisite majority. Shareholder approval for the proposal comes nearly a month after the Zee board gave its in-principle approval to raise up to ₹2,000 crore through the issuance of shares or any other eligible securities.
Informing the exchanges, the firm said, “The remote e-voting process concluded today — Monday, July 15 at 5:00 p.m. (IST). Based on the report of the Scrutiniser, we hereby inform you that the shareholders of the company have duly passed the resolution for issuance of securities for an amount not exceeding ₹2,000 crore with requisite majority.”
The fundraising proposal comes after Sony scrapped its $10-billion merger earlier in January this year, ending a deal that would have created an Indian TV juggernaut.
Business plan
ZEE has since then announced a slew of measures to cut costs and reduce losses in its business, including cutting 15 per cent of its workforce. The company had announced a strategic realignment of its revenue vertical, which the MD and CEO drive directly.
The board has also decided to closely monitor the business model and plan presented by the MD & CEO, wherein he has provided the roadmap to improve the performance and efficiency of each of the businesses to achieve higher EBITDA.