Zee Media Corporation share price was locked in at 5% upper circuit on Tuesday after the Foreign Portfolio Investors (FPIs), including Mauritius-based UNICO Global Opportunities Fund, bought stake int the comapny. Zee Media shares were up 5% at ₹20.22 apiece on the BSE.
Zee Media Corporation has allotted 13.33 crore fully convertible warrants to three FPIs - UNICO Global Opportunities Fund Limited, Ebisu Global Opportunities Fund Limited and AL Maha Investment Fund PCC - Onyx Strategy.
“The Board of Directors of Zee Media Corporation on November 7, 2024, has allotted 13,33,33,333 fully convertible warrants at a price inclusive of both the warrant subscription price and the warrant exercise price of ₹15/- per warrant aggregating to ₹1,99,99,99,995/- on a preferential basis to three Foreign Portfolio Investors (FPIs)...” Zee Media Corporation said in a BSE filing on November 7.
The company has allotted 4.5 crore warrants each to UNICO Global Opportunities Fund and Ebisu Global Opportunities Fund, while AL Maha Investment Fund PCC - Onyx Strategy has been allotted 16.24 crore warrants.
The Company has received 25% of the Warrant Issue Price, i.e., ₹3.75/- per warrant, aggregating to ₹49,99,99,999, as the Warrant Subscription Price from the Allottees, it said.
The allotment of these Warrants entitles the Allottees to seek conversion of the Warrants in one or more tranches, within a maximum period of 18 months from the date of allotment of the Warrants viz. November 7, 2024.
Zee Media share price has fallen over 5% in one month, but the stock has rallied over 47% in the past three months and has given 35% returns year-to-date (YTD).
Zee Media stock price has gained 27% in one year and more than 53% in three years.
At 1:10 PM, Zee Media Corporation shares were still locked at 5% upper circuit at ₹20.22 apiece on the BSE.
