Shares of Zee Media Corporation surged 19 per cent to Rs 16.5 in Wednesday’s trade on the BSE, following the company’s announcement that its board of directors will meet on Friday to explore various fundraising avenues.
The company plans to raise funds through the issuance of permissible instruments or securities in one or more tranches.
The board will consider multiple methods to support its capital needs, including private placement, qualified institutions placement (QIP), preferential issue, or a combination thereof.
The proposed fundraising will be subject to necessary regulatory approvals and specific terms and conditions that will be finalised during the meeting, Zee Media said in a regulatory filing.
Earlier this year, Zee Media Corporation said its CEO Abhay Ojha was terminated effective May 4, 2024. The company said its Board of Directors approved and confirmed the cessation of employment of Ojha from the organisation and his consequent cessation as the Chief Executive Officer of the company.
“On account of termination of employment, Abhay Ojha has ceased to be the Chief Executive Officer of the company,” the filing added. The company, however, did not elaborate the reasons for his termination. Ojha was promoted as CEO of the company last year.
Ojha joined Zee Media in 2022 as Chief Business Officer and P&L head of linear channels, excluding WION and Zee Business.
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