Zee Media greenlights $46.59 million FCCB fundraise

New Delhi: In a board meeting held on April 8, 2025, Zee Media approved the issuance of Foreign Currency Convertible Bonds (FCCBs) totaling $46.59 million. 

The company's board approved raising funds through the issuance of 5% coupon, unsecured, unlisted Foreign Currency Convertible Bonds (FCCBs), as per the exchange filing.

The conversion price is set at Rs 13.50 per equity share, based on the pricing formula prescribed under the Issue of Foreign Currency Convertible Bonds and Ordinary Shares (Through Depository Receipt Mechanism) Scheme 1993.

As per the regulatory filing, the bonds—maturing in 10 years—will be privately placed with UNICO Global Opportunities Fund and Sun India Opportunities Investing Fund, described as an "incorporated VCC sub-fund." 

The FCCBs will be issued in five separate series, with funds to be drawn in tranches. The disclosure also clarified that the bonds will remain unlisted on any stock exchange, both in India and overseas.