Zee Media to Raise Up to Rs 200 Cr: Details - News18
By Rediff Money Desk, New Delhi Jun 26, 2024 16:33
Zee Media plans to raise up to Rs 200 crore through an issue of equity shares or other eligible securities. The move comes as the company reported a decline in revenue and widening losses.
![Zee Media to Raise Up to Rs 200 Cr: Details - News18](https://im.rediff.com/money/2024/feb/21zee.jpg)
Illustration: Dominic Xavier/Rediff.com
New Delhi, Jun 26 (PTI) Private news broadcaster Zee Media on Wednesday said it has plans to raise up to Rs 200 crore from an issue of equity shares or other eligible securities through various modes.
The company's board in its meeting held on Wednesday "granted its approval for exploring available options for raising of funds" through all permitted instruments, according to a regulatory filing from Zee Media.
The approval is "for an amount not exceeding Rs 200 crore, in one or more tranches", which will be subject to approvals from shareholders/ regulatory and statutory approvals, it added.
The company will explore the issuance of equity shares or preference shares. It will also explore other eligible securities, including by way of private placement or qualified institutions placement or preferential issue.
Earlier, another Essel group firm Zee Entertainment had announced plans to raise Rs 2,000 crore to fund its growth.
Zee Media, which operates a cluster of 16 TV news channels, has reported a decline of 11.4 per cent in operating revenue to Rs 6,382.9 crore for the financial year ended March 2024.
Its loss has also widened to Rs 98.43 crore in FY24.
Shares of Zee Media settled 1.67 per cent higher at Rs 14.57 apiece on the BSE.
The company's board in its meeting held on Wednesday "granted its approval for exploring available options for raising of funds" through all permitted instruments, according to a regulatory filing from Zee Media.
The approval is "for an amount not exceeding Rs 200 crore, in one or more tranches", which will be subject to approvals from shareholders/ regulatory and statutory approvals, it added.
The company will explore the issuance of equity shares or preference shares. It will also explore other eligible securities, including by way of private placement or qualified institutions placement or preferential issue.
Earlier, another Essel group firm Zee Entertainment had announced plans to raise Rs 2,000 crore to fund its growth.
Zee Media, which operates a cluster of 16 TV news channels, has reported a decline of 11.4 per cent in operating revenue to Rs 6,382.9 crore for the financial year ended March 2024.
Its loss has also widened to Rs 98.43 crore in FY24.
Shares of Zee Media settled 1.67 per cent higher at Rs 14.57 apiece on the BSE.
Source: PTI
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Vodafone Idea L
- 17.90 ( -3.35)
- 166585989
- Alstone Textiles
- 0.75 (+ 8.70)
- 47681821
- GTL Infrastructure
- 3.27 (+ 4.81)
- 44040612
- Visagar Financial
- 0.91 (+ 12.35)
- 29755394
- YES Bank Ltd.
- 23.70 (+ 0.77)
- 22163699
MORE NEWS
![Mumbai Property...](https://im.rediff.com/80-80/money/2020/dec/21housing.jpg)
Mumbai Property Registrations Surge 12% in...
New Delhi, Jun 29 (PTI) Registration of properties in Mumbai municipal region rose 12...
Celkon & ZTE to Make Wi-Fi 6 Routers in India
Amaravati, Jun 29 (PTI) Celkon Resolute, an electronics company, has partnered with...
![India-UK Trade...](https://im.rediff.com/80-80/money/2021/may/25uk.jpg)
India-UK Trade Pact: Progress Expected After...
Mumbai, Jun 29 (PTI) Commerce and Industry Minister Piyush Goyal on Saturday expressed...