Zee Media Raises ₹19.12 Crore as Singapore-Based FPI Converts 3 Crore Warrants into Equity

The investor paid the balance 75 per cent of the warrant issue price, amounting to ₹19.12 crore, to complete the conversion. The warrants had been issued at ₹8.50 per share, including a premium of ₹7.50 per share.  

Following the allotment, Sun India Opportunities now holds 3 crore equity shares, representing a 3.33 per cent stake in Zee Media on a fully diluted basis, assuming all outstanding warrants are converted. The investor continues to hold 2 crore warrants, which remain eligible for conversion into equity shares within 18 months from the original date of allotment.  

The newly issued equity shares will rank pari passu with the company’s existing equity shares and will be listed on both the BSE and NSE, subject to the receipt of necessary approvals from the stock exchanges.  

Following the conversion, Zee Media’s issued, subscribed and paid-up equity share capital has increased from ₹62.54 crore, comprising 62.54 crore equity shares, to ₹65.54 crore, comprising 65.54 crore equity shares of face value Re 1 each.  

The latest development comes days after another foreign investor, Magnifica Global Opportunities VCC–MGO High Conviction Fund, acquired 4.5 crore fully convertible warrants through a preferential allotment, taking its potential fully diluted stake in the company to over 5 per cent. The preferential issue forms part of Zee Media’s broader ₹119 crore fundraising exercise announced earlier this year.  

Following the announcement, Zee Media shares rose about 1 per cent in early trade to ₹8.61 on the BSE. The stock has gained around 23 per cent over the past three months, although it remains down more than 40 per cent over the last one year.

Disclaimer: This article is for informational purposes only and does not constitute financial advice.