Zee Media’s stock has been on a roll, reaching a one-year high today after gaining 8% during early trading. The share price climbed to ₹22.79 on the NSE, up from Friday’s closing price of ₹20.75.
The stock opened at ₹22.55 and quickly rose to the intraday high of ₹22.79, but then faced some profit-taking, dipping to an intraday low of ₹21.79 shortly after.
The recent surge in Zee Media shares started after the company announced plans to raise funds. They are looking to issue up to 13.33 crore warrants, which can be converted into equity shares at ₹15 each, totaling up to ₹200 crore. Investors will need to pay 25% of the issue price at the time of subscription, with the rest due when they decide to convert the warrants within 18 months. This plan requires approval from the company’s members and regulatory authorities.
Over the past six sessions, Zee Media’s stock price jumped from ₹13 to ₹22.79, marking an impressive 75% increase. In the last six months, the shares have risen from about ₹11.55 to ₹22.79, reflecting a nearly 90% gain.
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