Zee Media Corporation Limited has informed the Exchange regarding Outcome of Board Meeting held on May 18, 2026.
ZEEMEDIA · price
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Zee Media's board has approved issuance of up to 14 crore convertible warrants at Rs. 8.50 per warrant, raising up to Rs. 119 crore from three foreign portfolio investors — Magnifica Global Opportunities VCC-MGO High Conviction Fund, Minerva Ventures Fund, and Sun India Opportunities Investing Fund Incorporated VCC Sub-Fund. Each warrant is convertible into one equity share within 18 months. The issue price of Rs. 8.50 per share (including Rs. 7.50 premium over face value of Re. 1) has been determined based on a valuation report from a registered valuer per SEBI ICDR regulations. Post-conversion, these three investors will collectively hold around 15.75% of the fully diluted equity. An EGM has been called for June 13, 2026 to seek shareholder approval. The board also re-appointed Ms. Swetha Gopalan as Independent Director for a second five-year term starting August 1, 2026.
The warrants issuance brings capital but will dilute promoter holding as the allottees are non-promoter FPIs. Shareholders should note the significant equity dilution upon conversion — approximately 15.75% stake will move to public category investors. The re-appointment of the Independent Director is routine governance matter.