Zee Media shares were locked at a 10 percent upper circuit as the board of the company has approved a fund-raising plan amounting to Rs 200 crores. The strategic move aims to enhance the company's financial standing and support its growth initiatives.
With this fundraise, Zee Media aims to attract investments from non-promoter entities through a preferential allotment, aligning with the regulations set forth by the Securities and Exchange Board of India (SEBI).
The board has authorized the issuance of up to 13.3 crore Warrants, which are convertible into fully paid equity shares. Each Warrant will be priced at Rs 15, potentially raising up to Rs 200 crores for the company.
The payment made for the Warrants will be adjusted against the price of the shares upon issuance. The Warrants will be offered to non-promoter entities on a preferential basis, following relevant regulations.
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At the time of subscribing for the Warrants, 25 percent of the issue price will be paid, while the remaining 75 percent will be due when the Warrants are exercised, within 18 months from the date of allotment. These steps are subject to approval from the Company's members and any necessary regulatory authorities.
At 2:40 pm BPCL shares were trading 10 percent higher at Rs 20.75 on NSE. So far this year, the stock has gained 27 percent, compared to an 18 percent rise in benchmark Nifty. In the last one year, the counter has zoomed 63 percent. In comparison, Nifty gained 30 percent during this period.
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