News Broadcasting
Zee lists bonds on Singapore bourse
NEW DELHI: The Subhash Chandra-promoted Zee Telefilms Limited, India’s largest vertically integrated media and entertainment company,has placed foreign currency convertible bonds worth upto $100 million (including a green shoe of $15 million) for listing on the Singapore Stock Exchange.
According to sources in Singapore capital markets, Zee Tele’s bonds have already been oversubscribed 14 times.
The bonds are convertible into newly issued ordinary shares of Rupee 1.0 per share of Zee, at the option of the bondholders, at a conversion price of approximately Rs. 197.24 per share, which is at a 35 per cent premium to the company’s closing share price on the Bombay Stock Exchange (BSE) of Rs. 146.10 as on 20 April 2004.
The bonds carry a coupon rate of 0.50 per cent per annum and shall be redeemable at a price of 116.24 per cent, if not converted into ordinary shares during the period.
The issue, which was launched post trading hours of the BSE on 20 April 2004, have reportedly received a strong demand. UBS AG and Citigroup Global Markets Inc were the joint book runners for the issue.
Speaking on the occasion, Rajiv Garg, CEO Corporate Strategy and Finance of Zee Telefilms said, “We are encouraged with the market’s response for the transaction. This positions us well to take advantage of opportunities opening up in the media and entertainment sector.”
Zee is India’s largest vertically integrated media and entertainment company. It is the largest producer and aggregator of Hindi programming in the world with an extensive library housing television content, movie titles and news content,according to an official statement from the company this morning.
Zee is also India’s largest cable distributor. Through its wholly owned subsidiary, Siticable. Zee’s channels are widely distributed across many countries, especially for South Asian audiences. It is a significant player in the film production, music publishing and education business.
The company has clarified that this announcement is not, and is not intended to be, an offer of securities of Zee Telefilms Limited for sale in the United States. Securities of Zee Telefilms Limited may not be offered or sold in the United States absent registration or an exemption from registration under the US Securities Act of 1933. There is not, and is not intended to be, a public offering of the securities of Zee Telefilms Limited in the US.
News Broadcasting
Network18 Q4 revenue grows 9.7 per cent, EBITDA at Rs 30 crore
PAT improves to Rs 306.6 crore, margins steady amid cost pressures.
MUMBAI: Not all news is breaking, some of it is quietly improving. Network18 Media & Investments Limited appears to be doing just that, tightening losses and stabilising margins even as costs continue to weigh on the business. For FY26, the company reported revenue from operations of Rs 1,955.1 crore, up from Rs 1,896.2 crore in FY25, signalling modest top-line growth in a challenging media environment. Total income stood at Rs 1,978.2 crore, compared to Rs 1,913 crore a year earlier.
Profit after tax came in at Rs 306.6 crore for the year, a sharp turnaround from Rs 3,225.4 crore in FY25, largely reflecting the absence of large exceptional items that had inflated the previous year’s numbers. On a more comparable basis, the company’s operating performance showed signs of gradual stabilisation.
However, the quarterly picture remained under pressure. For the March quarter, Network18 reported a loss of Rs 53.1 crore, narrower than the Rs 98.1 crore loss in the same period last year, but still indicative of ongoing cost challenges.
Expenses continued to track high. Total expenses for FY26 stood at Rs 2,235.7 crore, up from Rs 2,197.8 crore in FY25. Key cost heads included operational expenses of Rs 765.9 crore, employee benefits of Rs 475.9 crore, and marketing, distribution and promotional spends of Rs 427.1 crore, underlining the continued investment required to sustain reach and engagement.
At an operating level, margins remained under strain. Operating margin stood at 2.33 per cent for FY26, marginally higher than 1.77 per cent in FY25, while net profit margin remained negative at -13.02 per cent, though improved from -14.89 per cent.
On the balance sheet, total assets rose to Rs 8,957.6 crore as of 31 March 2026, from Rs 8,317.5 crore a year earlier. Equity strengthened to Rs 4,958.7 crore, while borrowings increased to Rs 3,112.8 crore, reflecting a higher reliance on debt to support operations.
Cash flows told a mixed story. While financing activities generated Rs 83.9 crore, operating cash flow remained negative at Rs -24 crore, highlighting ongoing pressure on core cash generation. Cash and cash equivalents, however, improved to Rs 33.9 crore from Rs 1.8 crore.
The numbers point to a company in transition growing revenues, trimming losses, but still grappling with structural cost pressures. In a sector where scale often comes at a price, Network18 seems to be inching towards balance, one quarter at a time.
