Zee Media Corporation to Explore Fundraising Options on September 27

25 Sep 2024 , 02:59 PM

Zee Media Corporation Ltd announced that its board of directors will convene on September 27, 2024, to explore various fundraising options. The company aims to raise funds through the issuance of permissible instruments or securities in multiple tranches.

Potential methods for fundraising include private placement, qualified institutions placement (QIP), preferential issue, or a combination of these strategies to meet its capital requirements.

The proposed fundraising will require necessary regulatory approvals and specific terms that will be finalized during the board meeting.

In May 2024, the company terminated its CEO, Abhay Ojha, effective May 4, 2024. The Board of Directors confirmed Ojha’s cessation from the company during a meeting held on Monday.

The filing stated, “On account of termination of employment, Abhay Ojha has ceased to be the Chief Executive Officer of the company,” without providing specific reasons for his departure.

Ojha was appointed CEO last year after joining Zee Media in 2022 as Chief Business Officer and P&L head of linear channels, excluding WION and Zee Business.

The upcoming board meeting is expected to significantly impact Zee Media’s strategic financial decisions. Investors and stakeholders are advised to stay tuned for updates following the board’s evaluation of these fundraising avenues.