ZEEL mulls 49% sale of Zee Music to raise funds
Business
Zee Entertainment (ZEEL) is looking to sell a 49% stake in its music division, Zee Music, hoping to boost its cash reserves.
If the plan goes ahead, Zee Music will become a separate subsidiary.
The official announcement is expected soon at its board meeting.
ZEEL seeks ₹6,000cr Zee Music valuation
ZEEL is aiming for a ₹6,000 crore valuation for Zee Music and hopes to attract big investors.
Right now, ZEEL has ₹3,000 crore in cash.
Earlier fundraising plans hit roadblocks: a warrant issue approved earlier this month still needs shareholder approval after a previous attempt failed due to lack of votes.
Despite financial challenges, ZEEL's shares have been up 19% so far this year as it looks for new ways to strengthen its position.