Volume Spurt Alert & FIIs Increase Stake: Penny Stock Under Rs 20 Jumps 11 Per Cent On April 23
The shares of the company saw a spurt in volume by more than 2.4 times on BSE.
On Wednesday, shares of Zee Media Corporation Limited jumped 11 per cent to Rs 15.30 per share from its previous closing of Rs 13.78 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. The shares of the company saw a spurt in volume by more than 2.4 times on BSE.
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.
The Board of Directors of Zee Media Corporation Limited approved the issuance of unsecured and unlisted Foreign Currency Convertible Bonds (FCCBs) up to USD 465,90,000 with a 5 per cent coupon rate and a 10-year maturity, to be privately placed with UNICO Global Opportunities Fund Limited and Sun India Opportunities Investing Fund, with the issuance opening on the same date. The conversion price for these FCCBs has been set at Rs. 13.50 per equity share, including a premium of Rs 12.50, based on the Issue of Foreign Currency Convertible Bonds and Ordinary Shares (Through Depository Receipt Mechanism) Scheme 1993. Consequently, the floor price for the issuance is Rs 13.04 per equity share, and full conversion at Rs 13.50 would result in 29,61,35,358 underlying equity shares, bringing the total issue size to approximately Rs 399.78 crore, with the FCCBs planned to be divided into five series.
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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 March 2025, FIIs bought 97,63,222 shares and increased their stake to 13.65 per cent compared to December 2024. The company has a market cap of over Rs 900 crore. The stock is up 47.7 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.