 "Zee Media rallies over 8% after board approves fundraise of up to Rs 200 cr")
Zee Media share soars: Shares of Zee Media Corporation (Zee Media) rose as much as 8.37 per cent to hit an intraday high of Rs 15.53 per share on Wednesday.
The uptick in share price came after the board of directors of the company approved a fund raise of up to Rs 200 crore via all permitted instruments.
In an exchange filing, Zee Media said, “We wish to inform you that the Board of Directors of the Company, at its meeting held today i.e. June 26, 2024, has 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 and/or preference shares and/or any other eligible securities, including by way private placement or qualified institutions placement or preferential issue, or any other permissible modes, for an amount not exceeding Rs 200 crores, in one or more tranches, and subject to such approvals as may be required including that of shareholders / regulatory and statutory approvals.”
Zee Media Corporation, a media company, is a subsidiary of Zee Entertainment Enterprises Limited (ZEEL), which is part of the Essel Group.
Zee Media operates a number of news channels across various languages, including Hindi, English, and regional languages, catering to a wide audience across India.
The company's channels include Zee News (Hindi), Zee Hindustan (Hindi), WION (English), and regional channels such as Zee 24 Taas (Marathi) and Zee 24 Ghanta (Bengali), among others. These channels cover a range of topics from politics, business, entertainment, sports, and international news.
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Earlier this month, the Board of Directors approved the Incorporation of a Wholly Owned Subsidiary (WOS) of the company. The WOS will engage in the business of bringing forth ancient knowledge of scriptures intersecting with modern science, focusing on spirituality, mindfulness and wellbeing through launch of appropriate digital and alternative media properties in the infotainment space.
The market capitalisation of this SmallCap company is Rs 946.27 crore, according to Bombay Stock Exchange (BSE).
At 2:02 PM, Zee Media stocks were trading 6.42 per cent higher at Rs 15.25 per share. In comparison, BSE Sensex was trading 0.69 per cent higher at 78,590.77 levels.