Zee Media to raise up to ₹400 crore through equity, bonds, or other instruments

Private news broadcaster Zee Media Corporation Ltd on Monday (January 13) said its board of directors has approved a plan to raise funds of up to ₹400 crore via various instruments, including equity shares, convertible bonds, debentures, warrants, preference shares, or foreign currency convertible bonds (FCCBs).

The fundraising will be executed through mechanisms such as private placement, preferential issue, or qualified institutional placement, among others, in one or more tranches, subject to necessary approvals from shareholders, regulatory bodies, and statutory authorities.

Additionally, the board approved a proposal to increase the shareholding limits for Foreign Portfolio Investors (FPIs) and Foreign Institutional Investors (FIIs) from the current 24% to 49% of the paid-up share capital.

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Zee Media said its consolidated net loss widened to ₹49.86 crore for the second quarter ended September 2024. The company had posted a net loss of ₹30.70 crore during the July-September quarter of the previous fiscal, according to a regulatory filing from Zee Media Corporation Ltd.

Its revenue from operations fell 13.78% to ₹130.70 crore during the quarter under review. It was ₹151.59 crore in the corresponding period of the previous fiscal. ZMCL's total expenses were ₹199.65 crore, up 1.64%, in the September quarter.

The total income of Zee Media, which includes other income, also declined 13.43% to ₹133.12 crore. Its advertising revenue slipped 16.3% to ₹119.22 crore, while subscription revenue rose 26.7% to ₹ 11.43 crore in the September quarter.

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Shares of Zee Media Corporation Ltd ended at ₹19.00, down by ₹1.00, or 5.00% on the BSE.