Magnifica Global Opportunities VCC–MGO High Conviction Fund Incorporated VCC Sub-Fund has raised its stake in Zee Media Corporation by acquiring 4.5 crore fully convertible warrants through a preferential allotment. With this acquisition, the company’s holding has increased to 5.04 per cent. Prior to the acquisition, the fund held 3,69,645 equity shares, accounting for 0.06 per cent of the company’s voting share capital. Following the allotment, the investor’s total holding has increased to 4,53,69,645 securities, comprising 3,69,645 equity shares and 4.5 crore convertible warrants.
Acquisition through preferential allotment
According to the information shared, the acquisition was made through a preferential allotment of convertible warrants.
The warrants were priced at Rs 8.50 each, including a premium of Rs 7.50 per warrant, and are convertible into one fully paid-up equity share of face value Re 1 each at a conversion price of Rs 8.50. Each warrant will be convertible into one equity share within 18 months. This means the warrant holder may convert these warrants into shares at any time within 18 months from the date of allotment.
25% of total consideration already deposited
25 per cent of the total consideration, i.e. Rs 2.125 per warrant, has already been deposited at the time of issue, while the remaining 75 per cent, i.e. Rs 6.375 per warrant, will be paid upon conversion of the warrants into shares.
The Company’s paid-up share capital will increase from 62,54,28,680 shares to 90,04,28,680 shares (face value ₹1 per share). This includes the effect of the conversion of 13.50 crore warrants issued on January 5, 2022, and 4.50 crore warrants issued on June 25, 2026.
