Zee gets board’s go-ahead to raise Rs 2,000 crore

Zee Entertainment on Thursday said its board has given in-principle approval for raising funds up to `2,000 crore through issuance of shares or eligible securities.Post the announcement, Zee shares rallied 5% intra-day on the BSE before settling at `153.45 apiece, up 4.39% against the previous day’s close.Zee on Monday had said it would consider fundraising by way of issuance of equity shares and/or via private placement, a qualified institutional placement, preferential issue, or any other method or combination of methods subject to such approvals as may be required. In January this year, Sony had called off a $10-billion mega merger with Zee.