Zee Media Corporation Ltd witnessed an over eight percent increase in its share price following the announcement that its Board of Directors has approved exploring various fundraising options aimed at raising up to Rs 200 crore. The decision was taken during a board meeting held on June 26.
As of 2 PM, Zee Media’s shares were up seven percent at Rs 15.3. The stock has gained more than 90 percent in the past year, marking today as the fourth consecutive day of gains.
Zee Media plans to utilize permitted instruments for fundraising, including equity shares, preference shares, and other eligible securities. The funds may be raised through private placements, qualified institutions placements (QIPs), preferential issues, or other permissible methods, subject to necessary clearances including shareholder, regulatory, and statutory approvals, as per a filing by the company.
The board meeting, which discussed the fundraising initiative, commenced at 12:00 PM and concluded at 1:30 PM.
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