Zee Media shares surge 10% as board approves Rs 200 crore fundraising via issue of warrants

Zee Media Corporation Limited's (ZMCL’s) shares surged 10% on Friday to hit their 52-week high after company' board approved issue of up to 13.33 crore warrants worth Rs 200 crore.

The warrants will be fully convertible or exchangeable for one fully paid-up equity share of the company, a filing to the exchanges stated.

An amount equivalent to 25% of the issue price will be payable at the time of subscription and allotment of warrants and the remaining 75% will have to be paid on the exercise of options against each such warrant within 18 months, in one or more tranches, from the date of allotment of the warrants, the filing said.


The investors in the issue are UNICO Global Opportunities Fund Limited, AL Maha Investment Fund PCC - Onyx Strategy and Ebisu Global Opportunities Fund Limited — all of them are FPI entities forming part of the non-promoter / non-promoter group category.

The price action was supported by volumes as over 6.63 crore shares were trading on the NSE around 2:45 pm. The total traded value stood at Rs 136.12 crore.