Mumbai: Zee Entertainment Enterprises Ltd. initiated a Foreign Currency Convertible Bonds (FCCB) offering on Tuesday, targeting to raise $239 million, as disclosed in a stock exchange announcement. They stated its intention to use these funds to increase strategic flexibility for pursuing growth opportunities in the dynamic media sector.

The FCCBs will be allocated to Resonance Opportunities Fund, St. John's Wood Fund Ltd., and Ebisu Global Opportunities, based on terms mutually agreed upon by the company and the prospective investors. According to a media report, these FCCBs will feature a five per cent annual coupon rate, and will be unsecured and unlisted, with a 10-year maturity period. Funds from the FCCBs will be accessed in installments and divided into 10 series.

In terms of Indian rupees, the total capital raised will amount to Rs 1,997 crore. On 6 June, the company's board sanctioned raising up to Rs 2,000 crore through various avenues, including the issuance of equity shares.

Zee Entertainment stated its intention to use these funds to increase strategic flexibility for pursuing growth opportunities in the dynamic media sector