Monitoring Agency Report for the quarter ended June 30, 2025
ZEEMEDIA · price
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Zee Media Corporation filed the CARE Ratings Monitoring Agency Report for Q1 FY26 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 (in Q3 FY25) and was fully utilised by December 31, 2024, while the balance Rs. 150 crore (75%) is yet to be received within the 18-month window. No fresh funds came in or were spent during the April-June 2025 quarter. The original object allocation is Rs. 125 crore for current liabilities, Rs. 25 crore for capex, and Rs. 50 crore for general corporate purposes, with cumulative utilisation of Rs. 48.64 crore and Rs. 1.36 crore respectively. The report recorded no deviation from stated objects but flagged that the equity market price as on June 30, 2025 was below the warrant exercise price, and that the company has reported losses at the PAT level for FY23, FY24 and FY25.
Routine compliance with no incremental shareholder action this quarter, but the stock trading below the warrant exercise price and three straight years of PAT losses raise concerns about whether the remaining Rs. 150 crore will actually flow in, which could affect the company's growth funding plans.