ZEEL to raise $239 million through 10-year Foreign Currency Convertible Bonds
In rupee terms, the total fund raise amounts to Rs 1,997 crore.
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Zee Entertainment Enterprises Ltd. launched a Foreign Currency Convertible Bonds (FCCB) issue on Tuesday, with an aim to raise $239 million, it said in an exchange filing.
The FCCBs will be issued to Resonance Opportunities Fund, St. John's Wood Fund Ltd. and Ebisu Global Opportunities, on terms and conditions mutually decided between the company and the 'proposed' investors. Zee Entertainment further said that these FCCBs will carry a coupon of 5% per annum and will be unsecured and unlisted in nature with a maturity period of 10 years, CNBC-TV18 reported.
Proceeds from the FCCBs will be drawn in tranches and these bonds will be divided into 10 series.
In rupee terms, the total fund raise 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.
