Zee Media Corporation approves ₹119 crore warrant issue to foreign investors

Shares of Zee Media Corporation Ltd ended at ₹7.76, down by ₹0.19, or 2.39%, on the BSE.

Private news broadcaster Zee Media Corporation Ltd on Monday (May 18) said its board has approved the issuance of up to 14 crore warrants on a preferential basis at ₹8.50 per warrant, aggregating up to ₹119 crore.

Each warrant will be fully convertible or exchangeable into one fully paid-up equity share of face value ₹1 each. The warrants will be convertible within a period of 18 months from the date of allotment. The issue will be made to entities in the public category (non-promoter, non-promoter group) and other applicable laws, subject to shareholder and regulatory approvals.

The company said 25% of the warrant issue price will be payable at the time of subscription and allotment, while the remaining 75% will be payable at the time of exercise of the warrants. The amount paid at subscription will be adjusted against the issue price of the resulting equity shares.

Also Read: Zee Media appoints Raktimanu Das as Chief Executive Officer

The preferential issue will be made to three investors, including Magnifica Global Opportunities VCC-MGO High Conviction Fund, Minerva Ventures Fund, and Sun India Opportunities Investing Fund Incorporated VCC Sub-Fund.

On conversion, shareholding of the proposed allottees is expected to increase significantly, subject to full conversion of warrants, while calculations assume existing convertible instruments are also fully converted.

Zee Media Corporation also approved the re-appointment of Swetha Gopalan as an independent director for a second term of five consecutive years from August 1, 2026, to July 31, 2031, subject to shareholder approval. Her current term ends on July 31, 2026.

The board has also approved convening an extra-ordinary general meeting on June 13, 2026, through video conferencing to seek shareholder approval for the warrant issue and the re-appointment.