Zee Media Corporation Limited has approved a preferential issue of 140 million warrants to foreign portfolio investors (FPIs) to raise up to approximately ₹119 crore, as part of plans to strengthen the company’s capital base.
The decision was approved at a board meeting held on Monday. Each warrant has been priced at ₹8.50 and will be convertible into one equity share of the company within 18 months from the date of allotment.
The warrants will be allotted to three non-promoter foreign investment entities: Magnifica Global Opportunities VCC-MGO High Conviction Fund, Minerva Ventures Fund and Sun India Opportunities Investing Fund. Investors will pay 25 per cent of the subscription amount upfront, with the remaining 75 per cent due at the time of conversion. Warrants not exercised within the stipulated period will lapse, with the initial payment forfeited.
Separately, the board approved the reappointment of Swetha Gopalan as an Independent Director for a second five-year term from 1 August 2026 to 31 July 2031, subject to shareholder approval.
Gopalan holds a B.Tech in Industrial Biotechnology and an MBA from the Kellogg School of Management. She has previously held leadership positions at Johns Hopkins Medicine International, Parkway Health, Noble Group and Tata Consultancy Services.
The company will seek shareholder approval for both proposals at an Extraordinary General Meeting scheduled for 13 June 2026, to be conducted via video conferencing.
