Zee Media Corp Shares Soar Ahead Of Board Meeting On Fundraising Proposal

Shares of Zee Media Corporation experienced a notable increase, rising more than 17% in anticipation of a crucial board meeting set for September 27, 2024.

The board will discuss a proposal to raise funds through various financial instruments, a move that could significantly impact the company’s future growth.

The company announced that the upcoming meeting will focus on the potential issuance of securities via methods such as private placement, qualified institutional placement, or preferential issue. This initiative follows prior approvals from both the Board of Directors and shareholders, reflecting a strategic push to enhance the company's financial positioning.

The fundraising could help Zee Media strengthen its operations and expand its portfolio. The trading window for the company's securities will be closed from the date of this announcement, i.,e Sep 24 until 48 hours after the release of its unaudited financial results for the quarter ending September 30, 2024.

Zee Media is an entity within the Essel Group, and is recognised as one of India’s largest private news networks. The company boasts an extensive portfolio, including 15 news channels—comprising one global, three national, and eleven regional channels across seven languages. In the digital space, Zee Media operates five digital news channels, seven news apps, and 32 digital properties, further cementing its influence in the media landscape.

The scrip rose as much as 17.39% to Rs 16.40 apiece, the highest level since Feb.20. It pared gains to trade 11% higher at Rs 15.5 apiece, as of 10:29 a.m. This compares to a 0.1 decline in the NSE Nifty 50 index.

It has risen 20.08% in the last 12 months. Total traded volume so far in the day stood at 20 times its 30-day average. The relative strength index was at 72.