Zee Media Eyes Rs 200 Crore Funding Boost Amid Revenue Decline

Zee Media plans to raise Rs 200 crore through equity shares or other securities, according to a board meeting. This decision follows an 11.4% revenue decline and a widened loss in FY24. The funding may come from private placements or other permitted instruments, pending regulatory approvals.

Zee Media has announced a strategic initiative to raise up to Rs 200 crore through an issue of equity shares or other eligible securities. The move, approved in a board meeting on Wednesday, seeks to explore various funding avenues, including private placements and preferential issues, pending necessary approvals.

This funding decision comes in response to Zee Media's reported decline of 11.4% in operating revenue, amounting to Rs 6,382.9 crore for the financial year ending March 2024. Additionally, the company recorded a widened loss of Rs 98.43 crore for the same period, highlighting the need for financial reinforcement.

Shares of Zee Media closed 1.67% higher at Rs 14.57 on the BSE, reflecting investor optimism. This follows a similar funding announcement by another Essel group company, Zee Entertainment, which plans to raise Rs 2,000 crore for its growth strategies.

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