Zee Media Corporation share price rises 4% on fundraise Buzz

Stock Market Today: Zee Media Corporation share price gained more than 4% in the morning trades on Tuesday. The company will be exploring available options for raising of funds to the tune of up to ₹400 crore

Zee Media Corporation share price opened at ₹19.40 on the BSE on Tuesday, around 2% higher that the previous closing price of ₹19.00. The Zee Media Corporation share price thereafter gained further to intraday highs of ₹19.85 during the morning trades on Tuesday, which translated in to gains of more 4% (almost 4.5%).

Zee Media Corporation informing the exchanges on the outcome of meeting of the Board of Directors of the Company held on Monday January 13, 2025, said that the Board has approved exploring available options for raising of funds to the tune of up to ₹400 crore.

As per the Exchange filing , Zee Media Corporation said that Board of Directors of the Company, at their meeting on January 13, 2025, have granted its approval for exploring available options for raising of funds through all permitted instruments, including but not limited to, by way of issuance of equity shares/ convertible bonds/debentures/ warrants/ preference shares/ foreign currency convertible bond (FCCB) / any other equity linked securities and/ or any other securities including through preferential issue on a private placement basis, qualified institutional placement or any other methods or combinations thereof, listed or unlisted, for an amount not exceeding Rs. 400 crores, in one or more tranches,subject to such approvals as may be required including that of shareholders / regulatory and statutory approvals.

The Board of Directors also approved increasing the shareholding limits for Foreign Portfolio Investors ('FPIs ) and Is') and Foreign Institutional Investors ('FIls') from 24% to 49% of the paid-up share capital of the Company under the overall permissible limit of 49% subject to approval of the shareholders of the Company

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