Due to its announcement of the redemption of ₹230 crore worth of non-converting debentures (NCDs), Zee Media Corporation’s share price is still under scrutiny on Thursday.
Stock Market Today:
Following the announcement of the redemption of Non-Convertible Debentures (NCDs) valued at ₹230 crore, Zee Media Corporation’s share price increased by more than 2% during intraday trading on Thursday, January 16. Due to its ambitions for financing, the stock is already in the headlines.
On January 15, after market hours, Zed Media Corporation declared that it had fully paid for the redemption of only Rupees 230 and 30 crores of NCDs. On the BSE, Zee Media’s share price increased by up to 2.51% to ₹18.74.
NCD Redemption:
According to a statement from Zed Media Corporation, “We would like to notify you that the Company has fully paid for the redemption of 2300 (two thousand three hundred) unrated, unlisted, secured, redeemable Non-Convertible Debentures (‘NCDs’) with face values of Rs. 10,00,000/- (Rupees Ten Lakh only) each, for cash at par, totaling Rs. 2,30,00,00,000/- (Two Hundred and Thirty Crores only).”
This week, Zee Media has also made headlines for its fundraising initiatives. On Monday, January 13, the Board of Directors of Zee Media Corporation gave its approval for the firm to investigate its possibilities for funding up to ₹400 crore.
For an amount not to exceed ₹400 crores, the company intends to investigate all available options and instruments, such as the issuance of equity shares, convertible bonds, debentures, warrants, preference shares, foreign currency convertible bonds (FCCB), or any other equity-linked securities, including through qualified institutional placement, preferential issue on a private placement basis, or any other methods or combinations thereof, listed or unlisted.
Zee Media Fund Raising Plans:
Furthermore, subject to shareholder approval, the Board of Directors has authorized increasing the ownership restrictions for Foreign Portfolio Investors (commonly referred to as “FPIs”) and Foreign Institutional Investors (often referred to as “FIls”) from 24% to 49% of the company’s paid-up share capital.
