Zee Media Corporation has completed the receipt of consideration for the conversion of 3,00,00,000 fully convertible warrants into equity shares, raising ₹19,12,50,000 from Sun India Opportunities Investing Fund. The transaction, finalized on June 30, 2026, marks the first tranche of conversions from a larger pool of 14,00,00,000 warrants issued to foreign portfolio investors. Statutory auditors have certified that the funds were received directly from the allottee’s bank account, ensuring strict compliance with regulatory norms against fund circulation.

The submission of the revised statutory auditor certificate to the National Stock Exchange of India Limited and BSE Limited on July 27, 2026, aligns with Regulation 169(5) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The certificate supersedes an earlier submission dated June 25, 2026, to match the format prescribed by the exchanges. This procedural update ensures transparency in the preferential allotment process involving non-promoter entities.

Warrant Conversion Details

The warrants were originally issued on June 25, 2026, at an issue price of ₹8.50 per share. Allottees were required to pay 25% upfront (₹2.125 per warrant) and the balance 75% (₹6.375 per warrant) upon conversion. Sun India Opportunities Investing Fund exercised its option to convert 3,00,00,000 warrants, paying the balance amount on June 30, 2026. The remaining 11,00,00,000 warrants held by other investors remain unexercised as of this date.

Regulatory Compliance and Auditor Verification

Ford Rhodes Parks & Co. LLP, the statutory auditors, verified that the upfront 25% money received from allottees with unexercised warrants was not adjusted against the balance payment for any other allottee. This segregation prevents commingling of funds, a critical requirement under Section 42(6) of the Companies Act, 2013, and Rule 14 of the Companies (Prospectus and Allotment of Securities) Rules, 2014. The auditors confirmed that relevant bank statements and records are maintained by the company to substantiate these transactions.

What the Numbers Show

The partial conversion indicates selective interest among the foreign portfolio investors involved. While Sun India Opportunities Investing Fund converted 60% of its allotted warrants, Magnifica Global Opportunities VCC and Minerva Ventures Fund have not yet exercised any options. The company holds ₹29,75,00,000 in upfront payments for the entire warrant issuance but is awaiting ₹70,12,50,000 to complete the capital raise. This structure allows the company to secure initial commitment while leaving room for future capital inflow as market conditions evolve for the remaining investors.

Zee Media Corporation Limited has submitted a certificate from its statutory auditors confirming compliance with Regulation 169(4) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018. The submission was made to the Manager – Corporate Relationship Department on July 9, 2026, to fulfill regulatory requirements.

The certificate was issued by Ford Rhodes Parks & Co. LLP, Chartered Accountants, acting as the statutory auditors for the company. The firm holds registration number 102860W/W100089. The document certifies that the company adheres to the provisions specified under Regulation 169(4) of the ICDR Regulations.

Regulatory Compliance

The submission follows the provisions of Regulation 169(5) of the ICDR Regulations, which mandates issuers to provide a certificate from statutory auditors confirming compliance with the norms regarding utilization of funds and other requirements. The filing ensures that the company meets the necessary disclosure standards set by the market regulator.