Zee Media plans to raise Rs 200 crore through a rights issue

New Delhi: Media conglomerate Zee Media on Monday said its board has approved raising funds to the tune of Rs 200 crore through a rights issue.

"The Board of Directors of the company at its meeting held on October 20, 2014, inter alia, has approved, in-principle, raising of funds for an amount not exceeding Rs 200 crore through issue of equity shares of the company to its eligible shareholders," the company said in a BSE filing.

In a rights issue, shares are issued to existing investors as per their holding at pre-determined price and ratio.

The company did not specify end use of the funds it plans to raise.

Shares of Zee Media closed at Rs 17.70 apiece at the end of day's trade, up 5.67 percent form its previous close on BSE.