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MUMBAI: Zee Media Corporation Ltd (ZMCL), which houses a clutch of news channels, will launch a Rs 195.56 crore (Rs 1.9 billion) rights issue on 25 March.
The rights issue, approved by the company board, is priced at Rs 18 per share. It will consist of up to 108.64 million shares of Re 1 each. The issue will close on 8 April.
ZMCL had earlier received clearance from the market regulator Securities and Exchange Board of India (SEBI) for the proposed rights issue.
The company runs news channels like Zee News, Zee Business, Zee 24 Taas, Zee Sangam, Zee Marudhara and Zee Kalinga, In its draft with SEBI, ZMCL had said that Rs 45.02 crore (Rs 450.20 million) out of the net proceeds would be utilised towards purchase of equipment and accessories for production and broadcasting; Rs 45 crore (Rs 450 million) towards repayment of certain loans availed by the company; and Rs 60 crore (Rs 600 million) for funding subsidiaries for repayment of loans.
The remaining amount would be used for other general corporate purposes.
The company had clarified in the draft letter of offer that the use of the net proceeds would be at the discretion of the company, subject to the issue proceeds being utilised for the purposes disclosed in the objects of the issue. Axis Capital Ltd is the lead manager of the issue.
ZMCL shares ended Monday at Rs 17.05 per share on the BSE, down 1.73 per cent from its previous close
Read more at:
http://www.televisionpost.com/television/zee-media-to-launch-rs-195-55-crore-rights-issue-on-25-march/
The rights issue, approved by the company board, is priced at Rs 18 per share. It will consist of up to 108.64 million shares of Re 1 each. The issue will close on 8 April.
ZMCL had earlier received clearance from the market regulator Securities and Exchange Board of India (SEBI) for the proposed rights issue.
The company runs news channels like Zee News, Zee Business, Zee 24 Taas, Zee Sangam, Zee Marudhara and Zee Kalinga, In its draft with SEBI, ZMCL had said that Rs 45.02 crore (Rs 450.20 million) out of the net proceeds would be utilised towards purchase of equipment and accessories for production and broadcasting; Rs 45 crore (Rs 450 million) towards repayment of certain loans availed by the company; and Rs 60 crore (Rs 600 million) for funding subsidiaries for repayment of loans.
The remaining amount would be used for other general corporate purposes.
The company had clarified in the draft letter of offer that the use of the net proceeds would be at the discretion of the company, subject to the issue proceeds being utilised for the purposes disclosed in the objects of the issue. Axis Capital Ltd is the lead manager of the issue.
ZMCL shares ended Monday at Rs 17.05 per share on the BSE, down 1.73 per cent from its previous close
Read more at:
http://www.televisionpost.com/television/zee-media-to-launch-rs-195-55-crore-rights-issue-on-25-march/
