The board of directors at Zee Media will be meeting later this week to consider and approve the terms of the proposed rights issue of equity shares by the company, the company informed in a filing with the stock exchange. In a rights issue, shares are issued to existing investors as per their holding at pre-determined price and ratio.
Earlier in October 2014, the company had informed that it was looking raise Rs 200 crore through the rights issue. The company added that the funds will be used towards purchase of equipment and accessories for production and broadcasting,repayment of certain loans availed by the company, funding subsidiaries for repayment of loans, and other general corporate purposes.
Zee Media Corp. Ltd (ZMCL), formerly known as Zee News Ltd, broadcasts 10 news channels including two national ones—Zee News and Zee Business. 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.
It also owns print daily DNA and online portals India.com, BGR.in, Indiancolleges.com, and OnCars.in.