Shares of Zee Media Corporation Ltd rose over eight percent after the announcement that its Board of Directors has approved the exploration of various fundraising options, aiming to raise up to Rs 200 crore. The decision was made during the board meeting held on June 26.
At 2PM, Zee Media's shares were up seven percent at Rs 15.3. Shares of the company have gained over 90 percent in the past one year. Today marked the fourth day of gains for the stock.
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Zee Media is considering a range of permitted instruments for fundraising, including equity shares, preference shares, and other eligible securities. The funds may be raised through multiple methods, such as private placements, qualified institutions placements (QIPs), preferential issues, or other permissible modes.
The approval for the fundraising is subject to necessary clearances, including shareholder, regulatory, and statutory approvals, Zee Media said in a filing.
The board meeting to discuss the fundraiser commenced at 12.00 PM and concluded at 1.30 PM.
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