Zee to raise $239 mn via FCCBs

Zee Entertainment has received board approval for raising funds via an issue of 10-year foreign currency convertible bonds (FCCBs) of up to $239 million (Rs 1,997 crore), according to an exchange filing. The fund-raising, which began on Tuesday, would see the FCCBs carry a coupon rate of 5% and be issued to Resonance Opportunities Fund, St. John’s Wood Fund and Ebisu Global Opportunities via a private placement, the company said.