Zee Media Corporation Ltd witnessed a significant surge in its share price, climbing as much as 8.37% to Rs 15.53 per share during intraday trading on Wednesday. This increase followed the company’s announcement that its board of directors had approved a fund raise of up to Rs 200 crore through various permissible instruments.
In an official filing with the stock exchanges, Zee Media stated, “The Board of Directors, in its meeting held on June 26, 2024, has approved exploring options to raise funds up to Rs 200 crores. This may include issuance of equity shares, preference shares, or other eligible securities through private placement, qualified institutions placement, preferential issue, or any other permissible modes, subject to necessary approvals.”
Zee Media Corporation, a subsidiary of Zee Entertainment Enterprises Limited and part of the Essel Group, operates multiple news channels in Hindi, English, and regional languages across India. These channels, such as Zee News (Hindi), WION (English), and regional favorites like Zee 24 Taas (Marathi) and Zee 24 Ghanta (Bengali), cover diverse content ranging from politics to entertainment.
Recently, the company also announced the incorporation of a Wholly Owned Subsidiary (WOS) focused on digital and alternative media properties in the infotainment space. This subsidiary aims to integrate ancient knowledge with modern science, emphasizing spirituality, mindfulness, and wellbeing.
As of the latest updates, Zee Media Corporation has a market capitalization of Rs 946.27 crore as per the Bombay Stock Exchange (BSE). At 2:02 PM today, Zee Media stocks were trading 6.42% higher at Rs 15.25 per share, outperforming the BSE Sensex, which was up 0.69% at 78,590.77 levels.
Investors and analysts are closely monitoring further developments regarding the fund raise, expecting it to bolster Zee Media’s financial flexibility and strategic initiatives in the competitive media landscape.