Zee Media Corporation shares reached a 52-week high of ₹20.70 on Friday, September 27, after the business board approved a fund raise of up to ₹200 crore through warrant issuance.
According to the exchange filing, the company has proposed issuing up to 13,33,33,333 (Thirteen Crores Thirty-Three Lakhs Thirty-Three Thousand Three Hundred and Thirty-Three) warrants, each of which is fully convertible or exchangeable into one fully paid-up equity share. The warrants are priced at ₹15 per, with a maximum total value of ₹200 crore.
further informed that each warrant holder will have the right to apply for and be allotted one fully paid equity share with a face value of Re 1, at an issue price of ₹15 (including a premium of Rs. 14). Warrant holders have 18 months to convert their warrants into equity shares, added the company.
It Furthermore, the filing stated that this preferential issue will be made to companies inside the company’s Non-Promoter/Non-Promoter Group, in conformity with SEBI regulations and the Companies Act.
An initial payment of 25% of the issue price is required at the time of warrant subscription and allotment, with the remaining 75% due upon exercising the conversion option within the specified 18-month term.
The matter is subject to clearance by the company’s members and other regulatory authorities if needed, according to the corporation.