Private news broadcaster Zee Media Corporation Ltd on Tuesday (September 24) said its board of directors will meet on Friday, September 27, 2024, to evaluate various fundraising avenues.

The company plans to raise funds through the issuance of permissible instruments or securities in one or more tranches, Zee Media Corporation said in a regulatory filing.

The board will consider multiple methods, including private placement, qualified institutions placement (QIP), preferential issue, or a combination thereof, to support its capital needs.

The proposed fundraising will be subject to necessary regulatory approvals and specific terms and conditions that will be finalised during the meeting.

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In May this year, Zee Media Corporation said its CEO Abhay Ojha has been terminated with effect from May 4, 2024.

The company said its Board of Directors at their meeting held on Monday has approved and confirmed the cessation of employment of Ojha from the organisation and his consequent cessation as the Chief Executive Officer of the company with effect from May 4, 2024.

“On account of termination of employment, Abhay Ojha has ceased to be the Chief Executive Officer of the company,” the filing added. The company, however, did not elaborate the reasons for his termination.

Ojha was promoted as CEO of the company last year. He had joined Zee Media in 2022 as Chief Business Officer and P&L head of linear channels, excluding WION and Zee Business.

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Shares of Zee Media Corporation Ltd ended at ₹13.95, down by ₹0.13, or 0.92% on the BSE.