The share price of Zee Media Corp. hit an upper circuit of 10% on Friday as the board of directors approved a proposal to raise up to Rs 200 crore through the issuance of warrants.
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Shares of Zee Media rose as much as 9.96% to Rs 20.75 apiece on the NSE. It was locked at the same level as of 2:37 p.m., compared to a 0.23% advance in the benchmark Nifty.
The share price has risen 63.39% in the last 12 months. The total traded volume so far in the day stood at 7.3 times its 30-day average. The relative strength index was at 86.6, indicating that the stock was overbought.
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