NSEShares of Zee Entertainment have surged over 6% on Friday.
This is the biggest single day gain that the stock has seen since April of this year.The company informed the exchanges on Thursday that it has scheduled a board meet on July 16 to consider fund raising proposals through the issue of securities through all permissible modes in one or more tranches, including but not limited to private placement, a QIP, preferential issue or other methods.On June 6, the board had approved raising funds to the tune of ₹2,000 crore through all permissible methods.
The company had said that this will enable them to enhance its strategic flexibility to pursue future growth opportunities in the media landscape.Shares of Zee Entertainment had declined over 30% in a single day, which was the biggest single-day drop on record after the company's proposed $10 billion merger with Sony was called off over various issues.
Brokerages too had issued downgrades on Zee Entertainment post this event.Despite Friday's 6% surge, shares of Zee Entertainment are down 45% so far this year.
The stock has gained in the last four months but had seen sharp correction between January-March.
NSE
Shares of Zee Entertainment have surged over 6% on Friday. This is the biggest single day gain that the stock has seen since April of this year.The company informed the exchanges on Thursday that it has scheduled a board meet on July 16 to consider fund raising proposals through the issue of securities through all permissible modes in one or more tranches, including but not limited to private placement, a QIP, preferential issue or other methods.On June 6, the board had approved raising funds to the tune of ₹2,000 crore through all permissible methods. The company had said that this will enable them to enhance its strategic flexibility to pursue future growth opportunities in the media landscape.Shares of Zee Entertainment had declined over 30% in a single day, which was the biggest single-day drop on record after the company's proposed $10 billion merger with Sony was called off over various issues. Brokerages too had issued downgrades on Zee Entertainment post this event.Despite Friday's 6% surge, shares of Zee Entertainment are down 45% so far this year. The stock has gained in the last four months but had seen sharp correction between January-March.
