Zee board okays Rs 1,997 cr raise via convertible debt

Mumbai: The board of Zee Entertainment Enterprises has given its approval to raise ₹1,997 crore ($239 million) from Resonance Opportunities Fund, St. John’s Wood Fund Limited, and Ebisu Global Opportunities Fund by issuing foreign currency convertible bonds (FCCBs) on a private placement basis.

In a regulatory filing, the company said it will issue unsecured, unlisted FCCBs, which will mature in 10 years, at a 5% coupon per year. The FCCBs will be split into 10 series, and the proceeds will be drawn in tranches, it added.