Zee Media board to consider equity-linked securities issue to promoters

Zee Media Corporation Ltd on Tuesday said its board will consider issuing equity-linked securities to its promoters following a proposal from a promoter group entity to invest further in the company.

The company, in its board meeting scheduled to be held on Friday, November 12 for approval of Q2 results "shall also be considering the proposal to issue equity shares or equity-linked securities warrants convertible into equity shares of the company," Zee Media said in a regulatory filing.

This would be in one or more tranches, to a Promoter Group entity on a preferential basis, as the Board may deem appropriate, it added.

Moreover, this will also be subject to approvals as required, including the approval of the members of the Company, Zee Media Corporation added.

Presently, the promoter group has 8.52 per cent holding in Zee Media Corporation Ltd. Zee Media Corporation Limited (formerly Zee News Ltd) is a part of media baron Subhash Chandra-led Essel Group and operates one of the largest news networks with 14 news channels in six different languages.