Zee Media gains after announcing terms of rights issue

Zee Media Corporation rose 1.16% to Rs 17.50 at 14:20 IST on BSE after the company said that its board of directors at its meeting held on 4 March 2015 approved terms of the proposed rights issue.

The announcement was made after market hours yesterday, 4 March 2015.

Meanwhile, the BSE Sensex was down 24.23 points, or 0.08%, to 29,356.50.

On BSE, so far 2.72 lakh shares were traded in the counter, compared with an average volume of 3.02 lakh shares in the past one quarter.

The stock hit a high of Rs 18.20 and a low of Rs 17.30 so far during the day. The stock hit a 52-week high of Rs 24.35 on 13 November 2014. The stock hit a 52-week low of Rs 12.60 on 8 May 2014.

The stock had underperformed the market over the past one month till 4 March 2015, falling 4.16% compared with 1.72% rise in the Sensex. The scrip had also underperformed the market in past one quarter, declining 20.64% as against Sensex's 2.86% rise.

The mid-cap entertainment and electronic media company has an equity capital of Rs 36.21 crore. Face value per share is Re 1.

Zee Media Corporation said that its board of directors at its meeting held on 4 March 2015, approved rights issue price of Rs 18 per share with rights entitlement ratio of 3 shares for every 10 held in the company. Upto 10.86 crore shares will be offered through the rights issue.

Zee Media Corporation also said that the company has fixed 17 March 2015 as the record date for the rights issue.

Zee Media Corporation reported consolidated net loss of Rs 10.42 crore in Q3 December 2014 compared with consolidated net profit of Rs 5.92 crore in Q3 December 2013. Total income rose 46.3% to Rs 140.18 crore in Q3 December 2014 over Q3 December 2013.

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