Zee says $239 mn fundraise will fortify growth plans

Zee Entertainment Enterprises has said that the $239 million fundraise through foreign currency convertible bonds (FCCBs) will fortify the company’s balance sheet and allow it to pursue organic and inorganic growth plans.

“This fundraise was undertaken mainly to ensure availability of funds that can act as growth capital for our organic and inorganic growth plans. Our team is working on the deployment plans,” Vikas Somany, head of strategy, M&A, and business development, Zee Entertainment Enterprises, told analysts during the Q1 earnings call.