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In an exchange filing, Zee Media confirmed that the board meeting is scheduled for September 27, 2024, and will focus on approving the raising of funds through methods such as private placement, qualified institutional placement, preferential issue, or other combinations, pending necessary approvals. This decision follows prior approvals from the company’s board of directors and shareholders on June 26, 2024, and August 10, 2024, respectively.
The proposed fundraising will be subject to necessary regulatory approvals and specific terms and conditions to be finalized during the meeting.
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At 11:29 am, Zee Media shares were trading over 15% higher at Rs 16.06 on BSE. The stock has rallied 45% in the last six months. In the past 12 months, the counter has risen 32%. In comparison, the Nifty rose 28.6% during this period.
Technically, the stock’s relative strength index (RSI) is at 59.9. According to Trendlyne, an RSI below 30 is considered oversold, while above 70 indicates overbought conditions. Additionally, the MACD is at -0.1, which is above its center and signal Line, this is a bullish indicator.The stock is trading above its 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, 150-day, and 200-day simple moving averages (SMAs).As of June 2024, 0.42% of Zee Media Corporation’s equity lies in the hands of the promoter and the promoter group while 99.58% of the equity rests in the hands of the public shareholders.
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https://economictimes.indiatimes.com/markets/stocks/news/zee-media-corporation-shares-jump-19-on-fundraise-plans/articleshow/113656223.cms
