Zee Media Corporation Limited has announced that three Foreign Portfolio Investors (FPIs) – UNICO Global Opportunities Fund Limited, Ebisu Global Opportunities Fund Limited, and AL Maha Investment Fund PCC – Onyx Strategy – have expressed their unwillingness to exercise the conversion option for 13,33,33,333 fully convertible warrants. These warrants were previously allotted on a preferential basis at an issue price of ₹15 per warrant, aggregating to ₹1,99,99,99,995 (approximately ₹200 crore). The conversion option was due on or before May 7, 2026. The company received communications from all the FPIs today, May 6, 2026, indicating their decision not to proceed with the conversion. This update follows earlier intimations regarding the issuance and allotment of these warrants dated September 27, 2024, September 30, 2024, October 22, 2024, and November 7, 2024.
