Zee Media Corp seeks US$32 million in rights offer
| 21 October 2014
The news arm of the Zee media empire is to raise INR2 billion (US$32.68 million) through a rights issue, following board approval on 20 October 2014.
In a statement to the Bombay Stock Exchange (BSE), the Indian entertainment conglomerate said: "Zee Media Corporation Ltd has informed BSE that 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 of not exceeding Rs200 crores through issue of equity shares of the company to its eligible shareholders on a rights basis in accordance with the Companies Act, 2013, Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 and other applicable laws (the "Rights Issue")."
Zee Media Corporation's second quarter results for the 2015 financial year – also announced on 20 October – saw an INR128 million ($2.09 million) loss compared with a loss of INR145.7 million ($2.38 million) in the first quarter of 2015, and a profit of INR42.7 million ($697,662) in the second quarter of its 2014 financial year.
ZMCL comprises ten news channels, two of which – Zee News and Zee Business – operate nationally. In addition, its regional news channels are Zee 24 Taas, 24 Ghanta, Zee Sangam, Zee Madhya Pradesh Chhattisgarh, Zee Purvaiya, Zee Marudhara, Zee Punjab Haryana Himachal and Zee Kalinga.