Zee Media Corporation on Wednesday 3rd February 2021 said that it has raised Rs 230 crore through issuance of non-convertible debentures (NCDs) on private placement basis.
“The board of directors of the company at their meeting has approved the allotment of 2,300 unrated, unlisted, secured, redeemable non-convertible debentures bearing a face value of Rs 10,00,000, each for cash at par, aggregating to Rs 230 crore on a private placement basis,” the company said in a regulatory filing.
Zee Media Corporation stated that a fixed coupon of 9% per annum will be payable on the NCDs on half-yearly basis beginning from 31st July 2021.
Shares of Zee Media Corporation were trading 1.89 per cent higher at Rs 5.38 apiece on BSE. The company is experiencing bearish momentum with short, medium and long term Moving Averages being low.
The Board of Zee Media Corporation had approved the terms of raising of the fund through issuance and allotment of up to 2500 unrated, unlisted, secured, redeemable Non-Convertible Debentures (NCDs) bearing a face value of Rs. 10,00,000, each for cash at par, aggregating to up to Rs. 250 crore in one or more series, on a private placement basis in accordance with the provisions of the Companies Act, 2013 and Rules framed thereunder and applicable SEBI regulations on 23 December 2020.
