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Shares of Zee Media surged over 4 per cent to Rs 16.75 in an otherwise subdued market after the Securities Exchange Board of India (Sebi) approved company's proposal to raise Rs 200 crore via rights issue.
Sebi received request from Zee Media to raise money through rights issue in January from its merchant banker Axis Capital.
Under rights issue the company offers shares to its existing shareholders at a discounted price.
The funds raised from the issue would be utilised towards purchase of equipment and accessories for production and broadcasting, repayment of certain loans availed by the company, funding subsidiaries for repayment of loans, and other general corporate purposes.
At 12:00 PM, the shares of Zee Media jumped 3.7 per cent to Rs 16.65.
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