Zee Media Corporation Approves Rs 200 Cr Fundraising By Issuing Upto 13.33 Cr Warrants

The board of Zee Media Corporation Limited (ZMCL) approved the issuance of up to 13.33 Cr warrants worth Rs 200 crore, which caused the company's shares to spike 10% on Friday and reach a 52-week high.

The Board of Directors of the company, at its meeting held on Friday, September 27, 2024, have inter-alia considered and approved "Issue of upto 13,33,33,333 (Thirteen Crores Thirty-Three Lakhs Thirty Three Thousand Three Hundred and Thirty Three Only) Warrants, fully convertible or exchangeable for, one fully paid-up equity share of the Company ('Warrants') at an issue price of Rs. 15/- (Rupees Fifteen Only) per Warrant, aggregating to an amount not exceeding Rs. 2,00,00,00,000/- (Rupees Two Hundred Crores Only), with the right to Warrant Holder(s) to apply for and be allotted 1 (One) fully paid Equity Share of the face value of Re. 1/- each of the Company at an price of Rs. 15/- per Equity Share (including premium of Rs. 14/- per Equity Share) for each Warrant, with the amount paid against each Warrant be adjusted against the issue price for the resultant Equity Share, within a period of 18 (Eighteen) months from the date of allotment of the Warrants, to entities forming part of Non-promoter / Non-Promoter Group of the Company, on preferential issue basis," said Zee Media Corporation in a stock exchange filing.

"Further, an amount equivalent to 25% of the Issue Price shall be payable at the time of subscription and allotment of Warrants, and the remaining 75% of the Issue Price shall be payable on the exercise of options against each such Warrant within a period of 18 (Eighteen) months, in one or more tranches, from the date of allotment of the Warrants," the company informed stock exchanges.

UNICO Global Opportunities Fund Limited, AL Maha Investment Fund PCC - Onyx Strategy and Ebisu Global Opportunities Fund Limited are the investors in the issue who are the allottees are FPIs entities forming part of the Non-Promoter / Non-Promoter Group category.

"This is to inform you that the Company, in terms of the requirement of applicable guideline/circulars issued by the Ministry of Corporate Affairs, in respect of the proposed Extra Ordinary General Meeting of the Company scheduled to be held on October 22, 2024, the Company has duly given a Public Notice by way of an advertisement specifying that the Extra Ordinary General Meeting of the Company will be done through E-Voting mechanism and the manner in which persons who have not registered their email addresses with the Company can get the same registered with the Company, and also specifying other requirements as per the provisions of the applicable MCA Circular(s)," said Zee Media Corporation in a regulatory filing on Saturday.

On Friday, the shares of Zee Media Corporation zoomed to hit a 10% upper circuit limit at Rs 20.70 per share. The market cap of the company reached Rs 1,294.64 Cr.