Zee Media Corporation Share Price Locked At 10% Upper Circuit Amid Fundraising Buzz

Zee Media Corporation has been taken over by the bulls, as the share price was observed to be caught in a 10% upper circuit limit at Rs 20.75. The counter has surged 55.90% in the last five sessions and 99.52%, or almost 100 per cent, in the previous six months, nearly doubling the money of investors. Bull's action on Zee Media Corporation shares was noted today following the company's statement that the Board of Directors would meet on Friday, September 27 to discuss the fundraising deal.

"Pursuant to Regulation 29(1)(d) of the Listing Regulations, and in furtherance to the approval of the Board of Directors of the Company and the Shareholders of the Company on June 26, 2024 and August 10, 2024 respectively, we wish to inform you that a meeting of the Board of Directors of the Company is scheduled to be held on Friday, September 27, 2024, inter-alia, to consider and approve the raising of the funds through the issuance of permissible instruments / securities, in one or more tranches, by way of private placement, qualified institutions placement, preferential issue, or any other method or combination thereof, along with the terms and conditions, subject to such approvals, as may be required," said Zee Media Corporation in a stock exchange filing.

"The Trading Window for dealing in securities of the Company will remain closed with effect from date and time of this intimation till 48 hours after the declaration of the Un-Audited Financial Results of the Company for the quarter and period ended September 30, 2024," the company further informed stock exchanges.

Recently, Zee Media Corporation informed marketplaces that Mr. Rajesh Sareen has been appointed as 'Chief Revenue Officer' of the company effective from September 11, 2024. On the other hand, Mrs. Mona Jain, the Chief Revenue Officer, tendered her resignation from the company effective September 30, 2024, and Mrs. Pooja Duggal, the Chief Human Resource Officer, tendered her resignation with effect from September 25, 2024, at the end of business hours.

The company's Board of Directors has authorised the convening of the 25th Annual General Meeting (AGM) of the shareholders on Friday, September 27, 2024. During the Annual General Meeting (AGM), the Board of Directors of the firm will deliberate whether to reappoint Mr. Surender Singh (Director Identification Number: 08206770), who is eligible for re-appointment and liable to retire by rotation.

In India, Zee Media Corporation Limited is one of the largest and most prominent news networks. It has a distinctive collection of 19 TV news channels, including 3 digital-only channels, multiple digital brands, and 1 global, 4 national, and 11 regional language networks.