MUMBAI: It’s got clout in the right places. Now the Subhash Chandra-founded Zee Media is beefing itself financially. At a recent board meeting, Zee Media announced two significant financial resolutions aimed at enhancing its capital structure and investor participation.
The company has put the resolutions to vote by its shareholders through postal ballot or e-voting from 23 January 2025.
The company has approved the issuance of securities amounting to a maximum of Rs 400 crore, or its equivalent in foreign currencies. This move is in compliance with the Companies Act of 2013 and applicable regulations including those of the Securities and Exchange Board of India (SEBI). The board is authorised to raise funds through equity shares, preference shares, and other eligible securities via several methods such as private placements and qualified institutional placements. The issuance may be conducted in multiple tranches and will not exceed the specified limit.
Additionally, the board has been empowered to determine the terms of issuance, including pricing, timing, and the class of investors targeted for the securities.
Zee Media also resolved to increase the aggregate limit for investments by foreign portfolio investors (FPIs) to 49 per cent of the paid-up equity share capital, on a fully diluted basis. This increase is part of a broader strategy to attract foreign investments and enhance liquidity in the company’s shares, while adhering to the Foreign Exchange Management Act (FEMA) regulations.
The board will be responsible for executing necessary acts, deeds, and documents to implement this resolution and ensure compliance with all regulatory requirements.
These resolutions signify Zee Media’s commitment to strengthen its financial framework while potentially boosting growth through increased foreign investments and capital raise initiatives.
