Shares of Zee Media Corporation Ltd. rallied 14%, reaching a day’s high of Rs 16.40 on 25th September, after the company announced that its board of directors will meet on Friday to evaluate various fundraising options.

The company plans to raise funds by issuing permissible instruments or securities in one or more phases.

The board will explore several options for raising capital, including private placement, qualified institutional placement (QIP), preferential issues, or a combination of these methods.

Zee Media stated that the proposed fundraising will depend on necessary regulatory approvals and specific terms and conditions to be finalised during the board meeting, as mentioned in its regulatory filing.

Earlier this year, the company announced the termination of CEO Abhay Ojha, effective from 4th May, 2024. The board approved his termination, but the company did not provide details on the reasons. Ojha was promoted to CEO last year.

So far in 2024, the stock has given negative returns of 1.6%. The company’s market capitalisation stands around Rs 1,005 crore as of now.

At 11:22 AM, the shares of Zee Media were trading 14.89% higher at Rs 16.05 on NSE.

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