Zee Media Corporation Limited has announced that its Board of Directors will convene on Tuesday, April 8, 2025, to deliberate on a proposal for raising funds through the issuance of various equity-linked securities. The company is considering options such as equity shares, convertible bonds, debentures, warrants, preference shares, or other equity-linked instruments. The potential fundraising methods include private placement, preferential issue, or other permissible modes, subject to necessary regulatory and statutory approvals.
“Notice is hereby given that a meeting of the Board of Directors of the Company is scheduled to be held on Tuesday, April 8, 2025, inter alia, to consider and approve the proposal for fund raising through the issuance of equity shares / convertible bonds / debentures / warrants / preference shares / any other equity linked securities (“Appropriate Securities”) through permissible modes, including but not limited to a private placement, preferential issue, or any other method or combination of methods, subject to such regulatory/statutory approvals, as may be required,” the company informed the exchange.
In accordance with the company’s prior communication dated March 27, 2025, the trading window for dealing in Zee Media’s securities has been closed since April 1, 2025. This closure will remain in effect until 48 hours after the declaration of the company’s annual audited financial results for the fiscal year 2024-25.
It is worth noting that the company has been actively seeking to strengthen its financial position through fundraising. In January 2025, the board approved raising up to Rs 400 crore via various instruments, including equity shares and convertible bonds. Last year, in September 2024, the board approved a Rs 200 crore fundraising plan through the issuance of warrants.
The upcoming board meeting on April 8 to consider additional fundraising is crucial for ZMCL. Given the private news broadcaster’s recent financial challenges and leadership changes.
On March 31, 2025, Dr. Idris Loya reportedly stepped down as interim CEO, handing over responsibilities to the current CEO, Karan Abhishek Singh. Dr. Loya will continue his association with ZMCL as a consultant.
In terms of financial performance, in the second quarter ending September 2024, ZMCL reported a consolidated net loss of Rs 49.86 crore, widening from a net loss of Rs 30.70 crore in the same quarter of the previous fiscal year. Revenue from operations declined by 13.78% to Rs 130.70 crore during this period.