Zee Entertainment to raise $239 million through 10-year FCCB issue

economictimes.indiatimes.com:

Zee Entertainment Enterprises Ltd. on Tuesday launched a Foreign Currency Convertible Bonds (FCCB) issue, with an aim to raise $239 million, it said in an exchange filing.

Proceeds from the FCCBs will be drawn in tranches and these bonds will be divided into 10 series, the company said.

Earlier in a filing, the company said the FCCBs would be issued to Resonance Opportunities Fund, St. John's Wood Fund Ltd. and Ebisu Global Opportunities, on terms and conditions mutually decided between the company and the 'proposed' investors.

It aslo added that, these FCCBs will carry a coupon of 5% p.a. and will be unsecured and unlisted with a maturity period of 10 years.

If all the FCCBs are converted to equity shares, the proposed equity shares that stand to get diluted will be 12.46 crore with a face value of Rs 1 each at a conversion price of Rs 160.2 per share.