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Zee Media to raise Rs 200 crore via rights issue

MUMBAI: Zee Media Corporation Ltd (ZMCL), which houses the news business of the Essel Group, is looking at raising up to Rs 200 crore (Rs 2 billion) through rights issue.

The board of the company has approved the proposal. “The board of directors of the company, at its meeting held on 20 October 2014, inter alia, has approved, in principle, raising of funds for an amount not exceeding Rs 200 crore through issue of equity shares of the company to its eligible shareholders,” the company said in a filing with the stock exchanges.

ZMCL, however, did not disclose its plan of utilisation of the funds.

In a rights issue, shares are issued to existing investors as per their holding at a pre-determined price and ratio.

Zee Media scrip closed at Rs 17.70 per share, up 5.67 per cent from its previous close on the BSE.