[Zee Media Corporation Limited](zee media corporation) has allotted 14,00,00,000 fully convertible warrants to Foreign Portfolio Investors (FPIs) on a preferential basis, aggregating to ₹119 crore. The warrants were issued at a price of ₹8.50 per warrant, comprising an upfront payment of ₹2.125 and a balance of ₹6.375 payable upon conversion. The allotment was approved by the Board on June 25, 2026, following shareholder consent and in-principle approval from the National Stock Exchange of India Limited and BSE Limited.

The company received 25% of the warrant issue price, totaling ₹29.75 crore, as the warrant subscription price. The funds were received from three FPIs categorized as Non-Promoter or Non-Promoter Group entities. The allotment does not alter the paid-up share capital immediately, as warrants are convertible into equity shares only upon exercise of the rights attached to them.

Allotment Details

The warrants were allocated to three specific FPIs. The subscription price received against the allotment is detailed below:

Conversion and Shareholding Impact

The warrants are convertible into fully paid-up equity shares of face value ₹1 each within 18 months from the date of allotment, i.e., by December 25, 2027. Upon conversion, the warrant holders will pay the remaining 75% of the issue price. If the warrants are not exercised within this period, they will lapse, and the initial subscription amount will be forfeited.

Post-conversion, the shareholding of the allottees will increase significantly. Sun India Opportunities Investing Fund Incorporated VCC Sub-Fund, which currently holds no shares, will hold 5.55% of the fully diluted equity share capital. Magnifica Global Opportunities VCC-MGO High Conviction Fund Incorporated VCC Sub-Fund will see its holding rise to 5.04%, while Minerva Ventures Fund will hold 5.16%.

Zee Media Corporation Limited shareholders approved the issuance of Fully Convertible Warrants on a preferential basis and the re-appointment of Ms. Swetha Gopalan as a Non-Executive Independent Director at an Extraordinary General Meeting (EGM) held on June 13, 2026. The resolutions were passed via Video Conferencing and Other Audio-Visual Means, with the warrant issue receiving 82.60% approval and the director re-appointment securing 99.99% of the votes cast. Ms. Gopalan's new term is effective from August 1, 2026, to July 31, 2031.

EGM Proceedings

The EGM commenced at 1130 Hrs and concluded at 1159 Hrs, followed by a 15-minute window for e-voting. A total of 61 members attended the meeting through VC/OAVM. Ms. Mita Sanghavi, Partner at M P Sanghavi & Associates LLP, served as the Scrutinizer. Remote e-voting was open from June 10, 2026, to June 12, 2026, for shareholders registered as of the cut-off date of June 6, 2026.

Resolution Outcomes

The Board of Directors had previously noted at its meeting on May 18, 2026, that Ms. Gopalan is not debarred from holding the office of Director by any authority. The re-appointment resolution was passed with the requisite majority.

Voting Summary

Director Profile

Ms. Swetha Gopalan holds a Bachelor of Technology in Industrial Biotechnology from Anna University and a Master of Business Administration from the Kellogg School of Management, USA. She possesses a Certification in Quantitative Finance from FITCH. Her professional experience includes roles at Johns Hopkins Medicine International, Parkway Health, Noble Group, and Tata Consultancy Services. She is not related to any other Director of the Company.