Zee Media Corp issues 13.5 cr warrants on preferential basis; Stock gains ~2%

5 Jan 2022 , 02:14 PM

Zee Media Corporation Ltd has inter-alia approved the allotment of 13.50 cr warrants at a price of Rs. 12.20/- each, aggregating upto Rs164.70 cr on preferential basis to Asian Satellite Broadcast Private Limited, a Promoter Group Entity.

The Company has received 25% of the Warrant Issue Price i.e. Rs. 3.05/- against each Warrant, aggregating to Rs. 41,17,50,000 (“Warrant Subscription Price”) from Asian Satellite Broadcast Private Limited.

As per regulatory filing, the above allotment of Warrants entitles Asian Satellite Broadcast Private Limited to seek conversion of such Warrant in one or more tranches, within a maximum period of 18 months from the date of allotment of Warrants, upon the payment of Warrant Exercise Price of Rs. 9.15/- per Warrant, equivalent to 75% of the Warrant Issue Price, and be allotted 1 fully paid-up Equity Share of the Company of face value of Re. 1/- each, at a price of Rs. 12.20/- per share (including premium of Rs. 11.20/- per share), against each Warrant.

As the Company has allotted Warrants, currently there is no change in the Paid-up Share Capital of the Company, said  Zee Media on Wednesday.

At around 2:16 PM, Zee Media Corporation was trading at Rs14.90 apiece up by Rs0.27 or 1.85% on the BSE.