Zee Media To Explore Various Options To Raise Up To Rs 400 Crore

Zee Media Corp. plans to raise up to Rs 400 crore by exploring various available options and all permitted instruments, according to the company's exchange filing.

The announcement came after the proposal got approval from its board of directors in a meeting on Monday. The company may explore raising funds include by way of issuance of equity shares, convertible bonds, debentures, warrants, preference shares or foreign currency convertible bonds, Zee Media said.

It may also secure the funds via any other equity linked securities and, or any other securities including through preferential issue on a private placement basis, qualified institutional placement or any other methods or combinations. These instruments may be listed or unlisted.

While the mass media and news broadcaster may conduct the fundraise via one or more tranches, the board has stated that the amount should not exceed Rs 400 crore. The funding is subject to such approvals as may be required, including that of shareholders, or regulatory and statutory approvals.

The company's board has also approved raising the shareholding limits for foreign portfolio investors and foreign institutional investors from 24% to 49% of the paid-up share capital of the company under the overall permissible limit. However, this too is subject to approval of the company's shareholders.

Additionally, the board has authorised the company to issue the notice of postal ballot for seeking approval of the shareholders.

In June, the private broadcaster had announced plans to raise up to Rs 200 crore through the issue of equity shares or other eligible securities through various methods.

Shares of Zee Media closed 5% lower at Rs 19 apiece on the BSE, compared to a 1.36% decline in the benchmark Sensex. The company had intimated about this development after market hours.