Zee Media Corporation shares opened flat at ₹7.46 apiece on the NSE but gained strong momentum to touch an intraday high of ₹8.20 per share, recording an intraday gain of around 10%. According to reports from Live Mint, the stock opened flat before gaining significant buying interest in early-morning trading. The media stock had been under selling pressure this week, having ended at ₹7.97 apiece last Friday and declining for the last four sessions.
At the board meeting held on Thursday, July 30, 2026, the company's board of directors allotted 3,960 Foreign Currency Convertible Bonds (FCCBs) to Sun India Opportunities Investing Fund. As reported by Live Mint, these FCCBs are worth US$ 1,000 each and mature in 10 years. The Securities Issue and Allotment Committee approved the allotment on a private placement basis to the Mauritius-based FPI. The FCCBs carry 5% coupons and are unsecured.
According to the company's announcement to Indian market exchanges, upon conversion of the allotted FCCBs, the investor shall be entitled to receive an aggregate of 2,51,70,552 fully paid-up equity shares at a conversion price of ₹13.50 per equity share. As reported by Live Mint, the conversion price includes a premium of ₹12.50 per equity share, subject to adjustments in accordance with the terms agreed between the parties and applicable law. The conversion will be at the FCCB holder's option, with no change in the company's paid-up share capital at this stage.
The ₹38 crore FCCB allotment provides a crucial capital boost to support Zee Media Corporation's long-term strategy and expansion initiatives. According to Zee Entertainment, the allotment to investor Sun India Opportunities Fund via private placement represents a significant funding source for the media company's growth plans. The substantial capital infusion appears to have generated positive investor sentiment and restored buying interest in the stock, as evidenced by the 10% intraday gain.
