Zee Media plans to raise large funds, issue warrants to foreign investors

Zee Media Corporation Limited has approved a preferential issue of 140 million warrants to foreign portfolio investors (FPIs) to raise up to ₹119 crore, as part of its plans to strengthen the company’s capital base.

The decision was taken 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, taking the total fundraise to a maximum of approximately ₹119 crore.

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.

Under the terms of the issue, investors will be required to pay 25% of the subscription amount upfront, with the remaining 75% payable at the time of conversion. The warrants may be converted into equity shares within 18 months from the date of allotment. Any warrants not exercised within the stipulated period will lapse, and the initial payment will be forfeited.

In a separate development, the board has approved the reappointment of Swetha Gopalan as an Independent Director for a second term of five years, from August 1, 2026, to July 31, 2031, subject to shareholder approval.

Gopalan holds a B.Tech in Industrial Biotechnology and an MBA from the Kellogg School of Management in the United States. Over the course of her career, she has held leadership roles at Johns Hopkins Medicine International, Parkway Health, Noble Group and Tata Consultancy Services.

To seek shareholder approval for both the fundraising proposal and Gopalan’s reappointment, the company will convene an Extraordinary General Meeting (EGM) on June 13, 2026. The meeting will be held via video conferencing.