Television

Zee Media gets board approval to raise Rs 200 crore via rights issue

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MUMBAI: Zee Media Corporation Limited (ZMCL) today announced the result of its board meeting, informing that the board of directors has approved raising Rs 200 crore via rights issue.



The company last week announced its plan to consider raising of funds and was looking at various routes, including the rights issue for the same.



In a statement to BSE, the company said, “Zee Media Corporation Ltd has informed BSE that the Board of Directors of the Company at its meeting held on October 20, 2014, inter alia, has approved, in-principle, raising of funds for an amount of not exceeding Rs 200 Crores through issue of equity shares of the Company to its eligible shareholders on a rights basis in accordance with the Companies Act, 2013, Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 and other applicable laws (the “Rights Issue”).”



An issue of rights to a company's existing shareholders entitles them to buy additional shares directly from the company, in proportion to their existing holdings within a fixed time period. In a rights offering, the subscription price at which each share may be purchased in generally at a discount to the current market price. Rights are often transferable, allowing the holder to sell them on the open market.



The company today also announced its Q2-2015 results. The media corporation posted a Rs 12.8 crore loss in the current quarter as compared to Rs 14.57 crore loss in Q1-2015 and a profit of Rs 4.27 crore in the corresponding quarter last year (Q2-2014).



ZMCL, formerly known as Zee News Ltd, broadcasts 10 news channels including two national ones - Zee News and Zee Business.



Its regional news channels are Zee 24 Taas, 24 Ghanta, Zee Sangam, Zee Madhya Pradesh Chhattisgarh, Zee Purvaiya, Zee Marudhara, Zee Punjab Haryana Himachal and Zee Kalinga.

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