World · India Bureau
Zee Media seeks regulatory nod for fundraise deadline extension
The broadcaster has approached the Securities Appellate Tribunal requesting a one-day extension to complete its Rs 3,143 crore fundraising round. The company seeks relaxation after a portion of the pending Rs 76 crore capital infusion was delayed by a day.
LSN India ·
Zee Media Corporation has moved the Securities Appellate Tribunal (SAT) seeking regulatory relief to extend its fundraising timeline by one business day. The media company is attempting to complete the pending infusion of Rs 76 crore as part of its larger Rs 3,143 crore capital raise initiative.
According to the filing, a portion of the required funds was remitted one day beyond the stipulated deadline, prompting the broadcaster to seek formal relaxation from the appellate authority. The delay has necessitated the extension request to ensure full compliance with regulatory requirements.
The fundraising round represents a significant capital infusion for Zee Media, which has been navigating a competitive media and entertainment landscape in India. The company's approach to the SAT indicates efforts to resolve the timing issue while maintaining regulatory compliance.
The Securities Appellate Tribunal, which hears appeals against orders passed by the Securities and Exchange Board of India (SEBI), will review Zee Media's request for the extension. The outcome will determine whether the broadcaster can complete its fundraising commitments within the extended timeline.