Zee Entertainment Taps Global Investors With $239 Million FCCB Issue

Zee Entertainment Enterprises released a Foreign Currency Convertible Bonds (FCCB) issue, aiming to raise $239 million, as stated in an exchange filing.

The proceeds will be raised in tranches, with the bonds divided into 10 series. The FCCBs will be issued to Resonance Opportunities Fund, St. John's Wood Fund and Ebisu Global Opportunities, based on mutually agreed terms and conditions between the company and the investors.

These FCCBs will carry an annual coupon rate of 5 per cent and they will be unsecured and unlisted, with a maturity period of 10 years.

If all the FCCBs are converted into equity shares, approximately 12.46 crore equity shares, each with a face value of Re 1, could potentially be diluted. This conversion is based on a conversion price of Rs 160.2 per share.