Zee Media board approves fundraise of up to ₹200 crore, shares rally over 6%

The Board of Directors of Zee Media has given the green light to fundraise ₹200 crore via all permitted instruments, the company said in an exchange filing.

Following the announcement, the stock rallied over 6% to ₹15.2 apiece on the National Stock Exchange (NSE) and surged 6.1% to ₹15.2 on the BSE.

"We wish to inform you that the Board of Directors of the company 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 ₹200 crores, in one or more tranches," the company said.

The fundraising will be subject to approval from shareholders and regulatory bodies, the regulatory filing added.

Zee Media reported a consolidated net loss of ₹6.51 crore in the March 2024 quarter, compared to 45.79 crore in the year-ago period.

The company's revenue from operations stood at ₹178.98 crore in Q4 FY24, up 21.2% from ₹161.82 in the same period last year.

Zee Media is into broadcasting satellite television channels, such as news and regional language channels, and selling TV programs.