Zee Media stock skyrockets 13% as board to consider fundraising options on Sept 27

In the past 12 months, Zee Media stock has risen 30 percent. In comparison, Nifty rose 31 percent during this period.

Shares of Zee Media Corporation surged over 13 percent on September 25, a day after the private news broadcaster said its board of directors will meet later this week on Friday to evaluate various fundraising avenues. The company plans to raise funds through the issuance of permissible instruments or securities in one or more tranches.

The board will consider multiple methods, including private placement, qualified institutions placement (QIP), preferential issue, or a combination thereof, to support its capital needs.

The proposed fundraising will be subject to necessary regulatory approvals and specific terms and conditions that will be finalised during the meeting, Zee Media said in a regulatory filing.

At 10:37 am, Zee Media shares were trading over 13  percent higher at Rs 15.85 on NSE. The stock has dipped 2 percent so far this year, underperforming Nifty's returns of 19 percent.  In the past 12 months, the counter has risen 30 percent. In comparison, Nifty rose 31 percent during this period.

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Earlier this year, Zee Media Corporation said its CEO Abhay Ojha has been terminated with effect from May 4, 2024. The company said its Board of Directors approved and confirmed the cessation of employment of Ojha from the organisation and his consequent cessation as the Chief Executive Officer of the company.

"On account of termination of employment, Abhay Ojha has ceased to be the Chief Executive Officer of the company," the filing added. The company, however, did not elaborate the reasons for his termination. Ojha was promoted as CEO of the company last year.

Ojha joined Zee Media in 2022 as Chief Business Officer and P&L head of linear channels, excluding WION and Zee Business.

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