Zee Media Corporation’s stock price jumped 19 per cent to ₹16.5 during September 25, Wednesday’s trading session on the BSE. This surge followed the company’s announcement of an upcoming board meeting to discuss potential fundraising options, per an exchange filing.
The media firm announced in a regulatory filing that its board of directors will meet on September 27, 2024, to discuss various fundraising strategies. These may include “private placement, qualified institutional placement, preferential issue, or other combinations,” subject to necessary clearances.
On September 25, at 2:17 pm, Zee Media’s share price was up 11.52 percent, trading at ₹15.58 on NSE. The company has a market capitalization of ₹974.42 crore, according to NSE. Zee Media Corporation’s stock price reached a 52-week high on December 12, 2023, at ₹18.30.
This meeting follows previous resolutions made by the company’s board and shareholders on June 26 and August 10, 2024, respectively. The proposed financing will require regulatory approval, with specifics to be discussed at the upcoming meeting. At 11:29 a.m.,
Zee Media shares were 15% higher at ₹16.06 on the BSE, despite a minor dip. The stock has performed well in recent months, rising 45% in the last six months and 32% in the last year. This outperformed the Nifty index, which gained 28.6 per cent. during the 12-month period
As of June 2024, the ownership structure of Zee Media Corporation shows that 0.42 per cent of equity is held by the promoter and promoter group, while the remaining 99.58 per cent is in the hands of public shareholders.