Zee Media Corporation Limited has disclosed the formal lapse of 13,33,33,333 fully convertible warrants and the consequent forfeiture of the upfront subscription amount, following the failure of three Foreign Portfolio Investors (FPIs) to remit the balance 75% consideration within the stipulated timeline. The Board of Directors, at its meeting held on May 8, 2026, approved the cancellation of the warrants and the forfeiture of the upfront amount. The disclosure was filed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Background of the Warrant Issuance

The development follows a series of earlier intimations dated September 27, 2024, September 30, 2024, October 22, 2024, and November 7, 2024, pertaining to the issuance and allotment of fully convertible warrants to three FPIs — UNICO Global Opportunities Fund Limited, Ebisu Global Opportunities Fund Limited, and AL Maha Investment Fund PCC – Onyx Strategy — on a preferential basis under the Non-Promoter / Non-Promoter Group category. The key details of the original warrant issuance are summarised below:

Lapse and Forfeiture of Warrants

As per the terms of issue and in accordance with SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, the warrant holders were required to exercise the option to convert the warrants into equity shares within 18 months from the date of allotment, i.e., on or before May 7, 2026. On May 6, 2026, Zee Media had received communications from all three FPIs expressing their unwillingness to exercise the conversion option. Subsequently, the company did not receive the balance 75% consideration from the warrant holders within the stipulated timeline. Accordingly, the warrants lapsed upon expiry of the exercise period with effect from May 8, 2026, and stand cancelled under applicable provisions.

Consequently, the upfront subscription amount — being 25% of the Warrant Issue Price at Rs. 3.75/- per Warrant — aggregating to Rs. 49,99,99,999/- (Rupees Forty Nine Crores Ninety Nine Lakhs Ninety Nine Thousand Nine Hundred and Ninety Nine Only), received by the company at the time of allotment, stands forfeited. The forfeited amount shall be accounted for in accordance with applicable accounting standards. The following table provides a detailed breakdown of the lapsed warrants by investor:

Key Outcomes and Capital Structure

Following the lapse of the warrants, the warrant holders cease to have any rights or entitlement to equity shares of Zee Media Corporation insofar as these warrants are concerned. Importantly, there is no change in the paid-up share capital of the company as a result of this development. The Board meeting at which these resolutions were approved commenced at 1700 Hrs and concluded at 1800 Hrs on May 8, 2026.

Regulatory Disclosure

The disclosure was made by Ranjit Srivastava, Company Secretary and Compliance Officer of Zee Media Corporation Limited, in accordance with the applicable provisions of the Listing Regulations. The filing was addressed to both the National Stock Exchange of India Limited and BSE Limited, fulfilling the company's obligations under the regulatory framework governing listed entities in India.

Zee Media Corporation Limited has informed the stock exchanges of the resignation of Mr. Pavel Chopra from the position of Chief Human Resource Officer, effective from the closure of business hours of May 4, 2026. The disclosure was made in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, and follows an earlier intimation submitted by the company on May 4, 2026.

Key Details of the Resignation

The company confirmed that Mr. Pavel Chopra, a Senior Management Personnel, tendered his resignation voluntarily to explore new opportunities outside the organisation. The regulatory filing, dated May 5, 2026, serves as a continuation of the initial intimation and provides the reason for the departure as required under the applicable listing regulations and relevant SEBI circulars.

Regulatory Compliance

The disclosure was filed by Ranjit Srivastava, Company Secretary and Compliance Officer of Zee Media Corporation Limited, with both the National Stock Exchange of India Limited and BSE Limited. The company stated that all details required under the Listing Regulations, read with the relevant circulars and Industry Standard on Regulation 30, were provided in the prescribed format via the earlier intimation dated May 4, 2026.

Zee Media Corporation Limited operates news channels across multiple languages, including Hindi, English, Urdu, Marathi, Bangla, Punjabi, Gujarati, Tamil, Telugu, Kannada, and Malayalam. The company's corporate office is located at FC-9, Sector-16A, Film City, Noida – 201301, UP, India.