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ZMCL to discuss raising funds through rights issue

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MUMBAI: Zee Media Corporation Ltd (ZMCL) has announced its plans to raise funds and is looking at various routes, including the rights issue for the same.



The board of the company would consider a proposal on that at its meeting on 20 October, ZMCL informed the BSE.

"The Board of Directors shall consider a proposal for raising funds by the company through various modes including by way of rights issue," it said.



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



The company results for the second quarter of the financial year 2014-15, would also be placed before the board for approval at the meeting, the release added.



On a consolidated basis, Zee Media Corporation reported a net loss of Rs 17.52 crore in Q1 June 2014 compared with net profit of Rs 5.04 crore in Q1 June 2013. Net sales rose 71.7% to Rs 132.77 crore in Q1 June 2014 over Q1 June 2013.



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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