Zee Media Corporation Limited has issued a corrigendum to its Extra-Ordinary General Meeting (EGM) notice, specifying the utilization of funds for a proposed preferential issue of up to ₹119 crore. The clarification, issued pursuant to requirements from the National Stock Exchange of India Limited (NSE), details the allocation of proceeds towards current liabilities, capital expenditure, and general corporate purposes. The EGM is scheduled to be held on June 13, 2026, through Video Conferencing (VC) and Other Audio-Visual Means (OAVM).

The company had previously filed applications with BSE Limited and NSE for in-principle approval regarding the “Issue of Fully Convertible Warrants on Preferential Basis to Non-Promoter / Non-Promoter Group Entities.” Following advice from NSE to provide clarifications on the “Objects of the Preferential Issue,” Zee Media Corporation Limited released the corrigendum on June 2, 2026. The document modifies the explanatory statement related to Item No. 1 of the original EGM notice dated May 18, 2026.

Pursuant to Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company submitted the corrigendum to the exchanges. The notice was published in “Business Standard” in English and “Navshakti” (Mumbai Edition) in Marathi on June 3, 2026. The corrigendum must be read in conjunction with the original EGM notice.

The proposed utilization of funds totaling ₹119 crore is categorized into three main areas. The largest allocation, amounting to ₹75 crore, is designated for the payment of current liabilities. This includes marketing payouts and distributions to various vendors, payments to domestic and foreign transponders, repayment of working capital facilities from banks, and other short-term liabilities.

Utilization of Funds

A sum of ₹25 crore has been earmarked for capital expenditure, covering broadcast equipment, newsroom upgrades, and the replacement of existing assets. Additionally, ₹19 crore is allocated for general corporate purposes. The company noted that funds under this head may be utilized to provide financial assistance to subsidiaries, subject to approval by the Board or a duly constituted committee, in compliance with the Companies Act, 2013.

All other contents of the EGM notice remain unchanged. The document is available on the company’s website and the websites of the stock exchanges.

Zee Media Corporation returned to profitability in the financial year ended March 31, 2026, reporting a net profit of ₹1,693 lakh, a significant turnaround from the net loss of ₹10,033 lakh recorded in the previous year. The company’s revenue from operations for FY26 stood at ₹57,153 lakh, an increase from ₹45,488 lakh in FY25. The Board of Directors approved the annual audited financial results for the fourth quarter and financial year ended March 31, 2026, during a meeting held on May 29, 2026.

For the quarter ended March 31, 2026, the company reported a net loss of ₹1,432 lakh, compared to a net loss of ₹2,268 lakh in the corresponding quarter of the previous year. Revenue from operations for the quarter was ₹11,255 lakh, slightly lower than the ₹11,748 lakh reported in the same period last year. Total expenses for the quarter decreased to ₹14,202 lakh from ₹15,500 lakh in the prior year quarter.

Standalone Financial Performance

The company’s standalone financial results for the year indicate a recovery driven by higher income and cost management. Other income for the year increased to ₹1,770 lakh from ₹863 lakh in the previous year. The profit before tax for FY26 was ₹1,337 lakh, reversing the loss before tax of ₹13,589 lakh in FY25. Earnings per share (EPS) for the year improved to ₹0.27 from a negative ₹1.60 in the prior year.

Consolidated Results

On a consolidated basis, the group reported a net profit of ₹190 lakh for FY26, compared to a net loss of ₹11,942 lakh in the previous year. Consolidated revenue from operations for the year rose to ₹75,918 lakh from ₹62,191 lakh in FY25. For the quarter ended March 31, 2026, the consolidated net loss was ₹2,653 lakh, compared to a net loss of ₹3,676 lakh in the corresponding quarter of the previous year. The consolidated results include the financials of subsidiaries and associates.

Auditor and Board Approvals

The statutory auditors, Ford Rhodes Parks & Co. LLP, issued an unmodified opinion on the standalone and consolidated annual financial results. The auditors noted a material uncertainty related to going concern due to accumulated losses and negative working capital but stated that the financial statements have been prepared on a going concern basis based on the Board’s approved business plan and capital infusion measures.

In addition to the financial results, the Board approved the re-appointment of Chandra Wadhwa & Co., Cost Accountants, as the Cost Auditors for FY27, subject to shareholder ratification. The Board also appointed Nangia & Co, LLP, Chartered Accountants, as the Internal Auditor for the financial year 2026-27.