From Rs 10 To Rs 25.04 In Just 7 Months: Multibagger Penny Stock From Media & Entertainment Sector Hit Back-To-Back Upper Circuits & 52-Week Highs
The stock gave multibagger returns of over 150 per cent from its 52-week low of Rs 10 per share in just 7 months.
On Tuesday, one of the Top Gainers on BSE, shares of Zee Media Corporation Limited hit a 10 per cent upper circuit and made a new 52-week high of Rs 25.04 per share from its previous closing of Rs 22.77 per share. The shares of the company saw a spurt in volume by more than 1.25 times on BSE and stock gave multibagger returns of over 150 per cent from its 52-week low of Rs 10 per share in just 7 months.
The recent surge in the company's stock price can be attributed to the proposed issuance of up to 13,33,33,333 warrants at an issue price of Rs 15 per warrant, totalling Rs 200 crore. These warrants are fully convertible into equity shares at the same price and will be preferentially offered to non-promoter entities. The subscription process requires an initial payment of 25 per cent with the remaining 75 per cent due within 18 months of warrant allotment upon exercising the conversion option. This strategic move has attracted significant interest from foreign institutional investors (FIIs), with UNICO Global Opportunities Fund Limited, AL Maha Investment Fund PCC - Onyx Strategy, and Ebisu Global Opportunities Fund Limited acquiring substantial shares in the company.
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About the Company
Zee Media Corporation Ltd (ZMCL), established in 1999, is a major player in the Indian news and broadcasting industry. With a presence across television and digital platforms, ZMCL reaches a vast audience. Their core business lies in broadcasting news and current affairs, along with regional entertainment channels.
ZMCL boasts an impressive network of 15 news channels, including a global channel, 3 national channels, and 11 regional channels. This extensive reach caters to viewers across India and provides diverse news coverage in multiple languages. Additionally, their digital platform, Zeenews.com, offers news in 9 languages, further expanding their reach to over 280 million users.
The company’s promoters bought 21,97,375 shares and increased their stake to 0.42 per cent in June 2024 compared to 0.07 per cent in March 2024. Investors should keep an eye on this penny stock.
Disclaimer: The article is for informational purposes only and not investment advice.