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ZEEL raises $239 million through 10-year Foreign Currency Convertible Bonds
Zee Entertainment had said it has plans to invest these funds to enhance strategic flexibility to pursue growth opportunities in the evolving media landscape.
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On Tuesday, Zee Entertainment Enterprises Ltd. informed Securities and Exchange Board of India (SEBI) that they have launched a Foreign Currency Convertible Bonds (FCCB) and raised $239 million. Proceeds from the FCCBs will be drawn in tranches and these bonds will be divided into 10 series.
In its filing, ZEEL informed SEBI that considering the receipt of remittance of USD 23900000 from Resonance Opportunities Fund, St. John’s Wood Fund Limited and Ebisu Global Opportunities Fund (‘Investors’) towards subscription of 5% coupon, unsecured, unlisted, foreign currency convertible bonds of USD 1000 each maturing in 10 years (“FCCBs”), the Securities Issue and Allotment Committee of the Company has, inter-alia, considered and approved the allotment of FCCBs on a private placement basis to Investors.
In rupee terms, the total fund raised amounts to Rs 1,997 crore. The company's board had approved raising funds up to Rs 2,000 crore on June 6 via various methods, including the issue of equity shares.
Zee Entertainment had said it has plans to invest these funds to enhance strategic flexibility to pursue growth opportunities in the evolving media landscape.
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