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Zee Entertainment plans to raise $239 million via 10-year FCCB issue
The proceeds from the FCCBs will be disbursed in installments, with the bonds organised into 10 separate series.
Zee Entertainment Enterprises announced the launch of a Foreign Currency Convertible Bonds (FCCB) issue, aiming to raise $239 million, according to an exchange filing.
The proceeds will be drawn 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 terms and conditions mutually agreed upon by the company and the investors.
These FCCBs will carry a 5% annual coupon, 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 Rs 1, would face potential dilution. This conversion is based on a conversion price of Rs 160.2 per share.