Penny Stock Under Rs 20 In Green As Board To Raise USD 465,90,000 Via Foreign Currency Convertible Bonds
The stock is up over 30 per cent from its 52-week low of Rs 10.36 per share.
On Wednesday, shares of Zee Media Corporation Limited jumped 5.14 per cent to Rs 13.50 per share from its previous closing of Rs 12.84 per share. The stock’s 52-week high is Rs 26.29 per share and its 52-week low is Rs 10.36 per share.
Zee Media Corporation Limited has announced that its Board of Directors, during their meeting held on April 8, 2025, considered and approved several key items. These include the raising of funds through the issuance of Foreign Currency Convertible Bonds (FCCBs) up to USD 465,90,000, carrying a coupon rate of 5 per cent and maturing in 10 years. These unsecured and unlisted FCCBs will be issued on a private placement basis to UNICO Global Opportunities Fund Limited and Sun India Opportunities Investing Fund. The opening date for this issuance is also April 8, 2025.
Furthermore, the Board has fixed the conversion price for these FCCBs at Rs. 13.50 per equity share, which includes an equity premium of Rs 12.50. This pricing is based on the formula prescribed under the Issue of Foreign Currency Convertible Bonds and Ordinary Shares (Through Depository Receipt Mechanism) Scheme 1993. The relevant date for the issuance of the FCCBs, according to the same 1993 scheme, is April 8, 2025. Consequently, the floor price for the FCCB issuance has been determined at Rs 13.04 per equity share, as per Clause 5(4)(ca) of the FCCB Scheme. The proposed number of underlying equity shares upon full conversion of the FCCBs, at the conversion price of Rs 13.50 per share, is 29,61,35,358 equity shares of Re 1 each. The total issue size in Indian Rupees, considering a conversion rate of USD 1 = Rs. 85.8087, will be up to Rs 399,78,27,333. The FCCBs are proposed to be split into 5 series.
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About the Company
Zee Media, established in 1999, is a leading Indian media house with 15 channels covering global, national, and regional news. Zeenews.com reaches over 280 million users in nine languages, and its flagship Hindi channel, Zee News, is a top performer. Zee Business leads in Hindi business news, and numerous regional channels maintain top rankings and high engagement. Their digital platforms further enhance their broad reach.
According to Quarterly Results (Q3FY25), the company reported net sales of Rs 159.45 crore and a net loss of Rs 22.42 crore while in its nine-month results (9MFY25), the company reported net sales of Rs 466.11 crore and a net loss of Rs 82.66 crore. Looking at its annual results (FY24), the company reported net sales of Rs 638 crore and a net loss of Rs 98 crore.
In December 2024, FIIs bought 2,05,33,546 shares and increased their stake to 12.06 per cent while DIIs bought 2,64,82,518 shares and increased their stake to 4.24 per cent compared to September 2024. The company has a market cap of over Rs 800 crore. The stock is up over 30 per cent from its 52-week low of Rs 10.36 per share. Investors should keep an eye on this penny stock.
Disclaimer: The article is for informational purposes only and not investment advice.