Stock Market Today: Zee Media Corporation's share price gained over 2% in intra-day trade on Thursday, January 16, after it announced the redemption of Non-Convertible Debentures (NCDs) worth ₹230 crore. The stock is already in the news amid its fundraising plans.
The Zee Media Corporation on January 15, post-market hours announced it has made the full payment towards the redemption of NCDs worth Rupees Two Hundred and Thirty Crores only.
Zee Media share price rose as much as 2.51% to ₹18.74 on the BSE.
A release by Zee Media Corporation said, “With respect to issue and allotment of 2300 (Two Thousand Three Hundred) unrated, unlisted, secured, redeemable Non-Convertible Debentures (‘NCDs’) bearing a face value of Rs. 10,00,000/- (Rupees Ten Lakh only) each, for cash at par, aggregating to Rs. 2,30,00,00,000/- (Two Hundred and Thirty Crores only), we wish to inform you that the Company has made the full payment towards the redemption of the said NCDs today i.e. January 15, 2025”.
Zee Media has also been in the news this week regarding its fund-raising plans. The Zee Media Corporation's Board of Directors approved the company exploring available options for raising funds up to ₹400 crore on Monday, January 13.
The company plans to explore all all permitted options and instruments, including the issuance of equity shares/ convertible bonds/debentures/ warrants/ preference shares/ foreign currency convertible bonds (FCCB) / any other equity-linked securities and/ or any other securities including through preferential issue on a private placement basis, qualified institutional placement or any other methods or combinations thereof, listed or unlisted, for an amount not exceeding ₹400 crores, in one or more tranches
Additionally, the Board of Directors also had authorised raising the shareholding limits for Foreign Portfolio Investors (also known as “FPIs” and Foreign Institutional Investors (also known as "FIls") from 24% to 49% of the company's paid-up share capital, subject to shareholder approval.
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