Board allots 14 crore convertible warrants to FPIs at Rs 8.50
ZEEMEDIA · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Zee Media allotted 14 crore fully convertible warrants at Rs 8.50 each to three Foreign Portfolio Investors, raising up to Rs 119 crore. Allottees: Magnifica Global Opportunities, Minerva Ventures Fund, and Sun India Opportunities Fund. Company received Rs 29.75 crore as 25% upfront. Each warrant converts to one equity share within 18 months. No immediate change in paid-up capital. Post-conversion, FPIs will collectively hold about 15.75 percent on a fully diluted basis.
FPIs collectively gaining about 15.75 percent stake post conversion, potential dilution for existing shareholders. Positive signal of foreign investor interest.