Zee board approves raising up to $239 mn through 10-yr foreign currency convertible bonds

The board of directors of Zee Entertainment Enterprises has approved raising funds by issuing foreign currency convertible bonds (FCCBs) of up to $239 million maturing in 10 years on a private placement basis to Resonance Opportunities Fund, St John’s Wood Fund Ltd and Ebisu Global Opportunities Fund, Zee said in a letter to the exchanges. This will be done on the terms and conditions as may be mutually decided between the company and the proposed investors, it added.