<p>New Delhi: Leading broadcaster Zee Entertainment on Monday said it is planning to raise funds from the market through various routes, including issuing of equity of shares, and qualified institutions placements (QIPs).</p>.<p>Though the company has not specified the amount it plans to raise, Zee Entertainment Enterprise Ltd (ZEEL) in a regulatory filing said its board is meeting on June 6 to consider the proposal for this.</p>.Eyewear retailer Lenskart raises $200 million from Temasek and Fidelity.<p> "A meeting of the Board of Directors of the Company is scheduled to be held on... June 6, inter-alia, to consider raising of funds by way of issuance of equity shares and/or any other eligible securities (convertible/non-convertible) through permissible modes..." it said.</p>.<p> This will be not limited to a private placement, a QIP, a preferential issue, or any other method or combination of methods subject to such approvals as may be required, the filing said.</p>.<p> This latest round of fundraising is after the Sony Corporation terminated a deal to merge its two entertainment entities in India with ZEEL.</p>.<p> After the termination of the said merger agreement, ZEEL had announced a strategic realignment of its revenue vertical, which is being directly driven by the MD & CEO.</p>.<p> In an investor conference call in March, Zee Chairman said since 2020, ZEEL's performance has been impacted due to industry-wide macro slowdown, transitory issues, and management bandwidth constraints due to merger activities.</p>.<p> The board has also decided to closely monitor the business model and plan presented by the MD & CEO of the company, wherein he has provided the roadmap to improve the performance and efficiency of each of the businesses to achieve higher EBITDA.</p>.<p> In March, ZEEL laid off 50 per cent of its staff at its Bengaluru-based Technology and Innovation Centre.</p>.<p> On May 23, ZEEL sought a termination fee of USD 90 million (around Rs 748.7 crore) from the Sony Group for calling off the USD 10-billion merger deal in January this year.</p>.<p> It has sought termination fees from two Sony Group entities -- Sony Pictures Networks India (SPNI), now known as Culver Max Entertainment, and Bangla Entertainment (BEPL) -- ZEEL had said in a regulatory filing on Thursday.</p>.<p> ZEEL and SPNI had entered into an agreement to merge on December 22, 2021.</p>.<p> On August 10, 2023, the Mumbai bench of NCLT approved the scheme of merger of ZEEL with Sony group entities Culver Max Entertainment and BEPL, which could have created a USD 10-billion media entity.</p>.<p> However, two years after that, Sony Corporation announced the termination of the agreement on January 22.</p>
<p>New Delhi: Leading broadcaster Zee Entertainment on Monday said it is planning to raise funds from the market through various routes, including issuing of equity of shares, and qualified institutions placements (QIPs).</p>.<p>Though the company has not specified the amount it plans to raise, Zee Entertainment Enterprise Ltd (ZEEL) in a regulatory filing said its board is meeting on June 6 to consider the proposal for this.</p>.Eyewear retailer Lenskart raises $200 million from Temasek and Fidelity.<p> "A meeting of the Board of Directors of the Company is scheduled to be held on... June 6, inter-alia, to consider raising of funds by way of issuance of equity shares and/or any other eligible securities (convertible/non-convertible) through permissible modes..." it said.</p>.<p> This will be not limited to a private placement, a QIP, a preferential issue, or any other method or combination of methods subject to such approvals as may be required, the filing said.</p>.<p> This latest round of fundraising is after the Sony Corporation terminated a deal to merge its two entertainment entities in India with ZEEL.</p>.<p> After the termination of the said merger agreement, ZEEL had announced a strategic realignment of its revenue vertical, which is being directly driven by the MD & CEO.</p>.<p> In an investor conference call in March, Zee Chairman said since 2020, ZEEL's performance has been impacted due to industry-wide macro slowdown, transitory issues, and management bandwidth constraints due to merger activities.</p>.<p> The board has also decided to closely monitor the business model and plan presented by the MD & CEO of the company, wherein he has provided the roadmap to improve the performance and efficiency of each of the businesses to achieve higher EBITDA.</p>.<p> In March, ZEEL laid off 50 per cent of its staff at its Bengaluru-based Technology and Innovation Centre.</p>.<p> On May 23, ZEEL sought a termination fee of USD 90 million (around Rs 748.7 crore) from the Sony Group for calling off the USD 10-billion merger deal in January this year.</p>.<p> It has sought termination fees from two Sony Group entities -- Sony Pictures Networks India (SPNI), now known as Culver Max Entertainment, and Bangla Entertainment (BEPL) -- ZEEL had said in a regulatory filing on Thursday.</p>.<p> ZEEL and SPNI had entered into an agreement to merge on December 22, 2021.</p>.<p> On August 10, 2023, the Mumbai bench of NCLT approved the scheme of merger of ZEEL with Sony group entities Culver Max Entertainment and BEPL, which could have created a USD 10-billion media entity.</p>.<p> However, two years after that, Sony Corporation announced the termination of the agreement on January 22.</p>