Shares of Zee Entertainment surged over 6% to a day’s high of Rs 159.25 on 12 July after the company made an announcement regarding a board meeting for fundraising. Today, the stock saw its biggest single-day rally since April.

The firm informed the exchanges yesterday that it has scheduled a board meeting for 16 July. The primary focus of this meeting is to consider raising funds through the issuance of securities via various modes, including private placement, QIP, preferential issue, or other methods.

On 6 June, the board permitted the fund-raise to the extent of Rs 2,000 crores through all approved methods. The company stated this will enhance its strategic flexibility to pursue wide future growth in the media landscape.

Since the Zee-Sony merger was called off, Zee Entertainment’s shares have declined almost 40% year-to-date, reflecting the biggest single-day dip on record.

In spite of Friday’s rally, the shares of Zee Entertainment are still down 45% year-to-date. Though in the last four months, the stock showed some resilience and recovered a good bit.

At 1:08 PM, the shares of Zee Entertainment were trading 6.15% higher at Rs 156.20 on BSE.

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