Monitoring Agency Report for the quarter ended December 31, 2025
ZEEMEDIA · price
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Zee Media Corporation Limited has filed the Monitoring Agency Report from CARE Ratings for the quarter ended December 31, 2025, covering its Rs. 200 crore preferential issue of fully convertible equity share warrants (allotted in October–November 2024). Only the 25% upfront amount of Rs. 50 crore was received, which was fully utilised by December 31, 2024 — mostly toward paying current liabilities (Rs. 48.64 crore) and a small portion for general corporate purposes (Rs. 1.36 crore). No additional funds were received during Q3 FY26, so there was no utilisation this quarter, and Rs. 150 crore remains to be received. The warrant conversion deadline is May 6, 2026. The agency flagged that the current share price is below the warrant exercise price, which could affect the viability of the issue, and noted the company has been incurring losses at the PAT level for the past three years and H1 FY26.
There is no new fund flow or utilisation in this quarter, so no immediate impact on shareholders. However, the company is loss-making, the share price is below the warrant exercise price, and the balance Rs. 150 crore from warrant holders must come in by May 2026 — failure to receive this or convert warrants could put pressure on the stock and on the company's ability to fund its liabilities and capex plans.