Zee Media Corporation rallied 6.07% to Rs 15.20 after the company's board has approved to raise funds upto Rs 200 crore by way of issuance of eligible securities through various modes.
The company will explore available options for raising funds through all permitted instruments, including but not limited to, by way of issuance of equity shares, preference shares or any other eligible securities, including by way of private placement or qualified institutional placement, preferential issue, or any other permissible method.The company aims to raise a total of Rs 200 crore in one or more tranches. The plan is subject to approvals from shareholders, regulatory bodies, and other statutory authorities.
Zee Media Corporation is mainly engaged in the business of broadcasting of satellite television channels i.e. news / current affairs and regional language channels and sale of television programs.
On a consolidated basis, Zee Media Corporation reported net loss of Rs 6.51 crore in Q4 FY24 as against net loss of Rs 45.79 crore recorded in Q4 FY23. Net sales increased 21.2% YoY to Rs 178.98 crore in Q4 FY24.
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