Zee Media share price up 2% as board to consider promoter proposal for further investment in company

Stocks

The company has received the proposal from a promoter group entity dated November 9, 2021 for further investment in the company.

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Zee Media Corporation share price added over 2 percent intraday on November 10 after the company had received a proposal from a promoter group entity for the further investment in the company.

A meeting of the board of directors of Zee Media Corporation is scheduled to be held on November 12, 2021, to consider, approve and take on record un-audited financial results of the company for the second quarter (Q2) and six months period ended September 30, 2021 of the Financial Year 2021-2022, company said in the release.

The company has received the proposal from a promoter group entity dated November 9, 2021 for further investment in the company.

The board of directors of the company at their meeting scheduled to be held on November 12, 2021, shall also be considering the proposal to issue equity shares or equity linked securities I warrants convertible into equity shares of the company (including pricing thereof) by way of preferential issue/ allotment or any other such mode/methods, in one or more tranches, to a Promoter Group entity on preferential basis, as the Board may deem appropriate, subject to such approvals as may be required, including the approval of the members of the company, it added.

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At 09:32 hrs, Zee Media Corporation was quoting at Rs 12.12, up Rs 0.14, or 1.17 percent on the BSE.

The share touched a 52-week high of Rs 16.10 and a 52-week low of Rs 4.53 on 05 October, 2021 and 04 November, 2020, respectively.

Currently, it is trading 24.72 percent below its 52-week high and 167.55 percent above its 52-week low.