The board of ZeeEntertainment Enterprises Limited (ZEEL) approved on Thursday the issue of equity shares or any other qualifying instruments (convertible or nonconvertible) through authorized means in one or more tranches, with the potential to generate up to Rs2,000 crore.
"We wish to inform that the Board of Directors of the Company at its meeting held today has, inter-alia, considered and given its in-principle approval for raising funds by way of issuance of equity shares and/or any other eligible securities (convertible/nonconvertible) through permissible modes in one or more tranches, including but not limited to a private placement, a qualified institutions placement, preferential issue, or any other method or combination of methods, provided that the aggregate amount to be raised by issuance of such securities shall not exceed Rs 2,000 crore," the media firm stated.
The choice needs to be approved by statutes and regulations, including the shareholders. "This will enable the company to enhance its strategic flexibility to pursue future growth opportunities in the evolving media landscape," stated ZEEL. The media company's shares increased 7.18% to a peak of Rs 157.55. At Rs 152.65, it was last seen trading up 3.84 percent.
In comparison to the 100-day, 150-day, and 200-day simple moving averages (SMAs), the counter was trading lower than the 5-day, 10-, 20-, 30-day, and 50-day SMAs. The relative strength index (RSI) for the counter after 14 days was 55.20. Oversold is defined as a level below 30, while overbought is defined as a number beyond 70.
The price-to-equity (P/E) ratio of the company's stock is 48.61, while the price-to-book (P/B) ratio is 1.47. The company's earnings per share (EPS) was 3.14, and its return on equity was 3.01.
Approximately 23.16 lakh shares were traded today on the BSE. The amount exceeded the 14.66 lakh share two-week average volume. With a market capitalization (m-cap) of Rs 14,628.71 crore, the counter had turnover of Rs 35.64 crore. Promoters owned 3.99 percent of the corporation as of March 2024.
