Indian television broadcaster Zee Entertainment said on Wednesday it would raise 23 billion rupees ($241.43 million) to fund its strategic and business initiatives.
Here are some key details:
* The company, which did not disclose a medium for the raise, said the board will deliberate further on options for raising funds
* The fundraise comes days after the broadcaster struck a deal with FIFA to broadcast the 2026 World Cup in India, ending uncertainty over the tournament's availability in one of the last major markets where rights had remained unsold.
* The deal covers 39 FIFA events over eight years through 2034 and also includes the next World Cup in 2030. Financial terms were not disclosed.
* The company has expanded its presence in sports broadcasting by launching a dedicated portfolio of sports channels.
* The company previously invested in new businesses, including micro-drama app Bullet and visual-effects studio PhantomFX, as it seeks to expand beyond traditional television broadcasting.
* Zee Entertainment reported a loss for the March quarter on May 19, as margins were pressured by higher expenses and tighter advertising budgets following the Middle East crisis.
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