Penny Stock Under Rs 20 In Green as Board to Raise Rs 400 Crore Through Preferential Issue; QIP or Any Other Methods
The stock is up by 98.5 per cent from its 52-week low of Rs 10 per share.
On Tuesday, shares of Zee Media Corporation Limited gained 4.47 per cent to Rs 19.85 per share from its previous closing of Rs 19 per share. The stock’s 52-week high is Rs 26.29 per share and its 52-week low is Rs 10 per share.
Zee Media Corporation Limited's Board of Directors has approved several key initiatives at its meeting held on January 13, 2025. Firstly, the Board has authorized the exploration of various funding options, including equity shares, convertible bonds, debentures, and other securities, to raise up to Rs 400 crore. These funds may be raised through methods such as private placements, qualified institutional placements, or other suitable avenues, subject to necessary shareholder and regulatory approvals.
Secondly, the Board has approved an increase in the shareholding limits for Foreign Portfolio Investors (FPIs) and Foreign Institutional Investors (FIIs) from 24 per cent to 49 per cent of the company's paid-up share capital. This increase is subject to the overall permissible limit of 49 per cent and requires shareholder approval. Finally, the Board has approved the Notice of Postal Ballot to be sent to shareholders to obtain their consent on these matters.
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Zee Media, a leading Indian media house since 1999, dominates news across TV and digital platforms. Their 15 channels span global, national, and regional audiences. Zeenews.com, their digital platform, reaches over 280 million users in 9 languages. Their flagship Hindi channel is #1 among Hindi news channels with 58 million viewers. Zee Media engages its audience through initiatives like "Ek Bharat Shreshtha Bharat" and "Jaipuria Business and Leadership Conclave." Their regional channels are leaders in their respective regions. Zee 24 Ghanta excelled in Durga Puja coverage. Zee Digital is India's 3rd-largest news and information platform. ZMCL's investment in Flutrr Digimate Private Limited strengthens its commitment to growth and innovation.
According to Quarterly Results (Q2FY25), the company reported net sales of Rs 131 crore and a net loss of Rs 50 crore while in its half-yearly results (H1FY25), the company reported net sales of Rs 307 crore and a net loss of Rs 60 crore. Looking at its annual results (FY24), the company reported net sales of Rs 638 crore and a net loss of Rs 98 crore.
The company has a market cap of Rs 1,241 crore. As per the BSE exchange update of November 07, 2024, FIIs bought 2,00,10,556 shares and increased their stake to 11.98 per cent compared to 8.78 per cent in September 2024. The stock is up by 98.5 per cent from its 52-week low of Rs 10 per share. Investors should keep an eye on this penny stock.
Disclaimer: The article is for informational purposes only and not investment advice.