The entertainment conglomerate Zee entertainment Private Limited has announced that it is going to raise $239 million via foreign currency convertible bonds (FCCB) from Resonance Opportunities Fund, St. John’s Wood Fund, and Ebisu Global Opportunities Fund.

According to the exchange filing the FCCBs will be issued to Resonance Opportunities Fund, St. John's Wood Fund Ltd. and Ebisu Global Opportunities. The terms and conditions of the deal was finalized by deciding mutually between both the parties.

Zee Entertainment further informed that, these FCCBs will have a 5% annual coupon, be unsecured and unlisted, and will have a maturity period of 10 years.

The fund raised from FCCB in few tranches and the bonds will be divided into 10 series. During a late evening statement the company said that, its Board of Directors, at its meeting held today, approved raising funds by issuing 5% coupon, unsecured, unlisted foreign currency convertible bonds up to $239 million, maturing in 10 years, on a private placement basis to Resonance Opportunities Fund, St. John’s Wood Fund Limited, and Ebisu Global Opportunities Fund.

The total amount of fund raised by the company amounts to 1,997 crore. The company's board had approved raising funds up to 2,000 crore on June 6 via various methods, including the issue of equity shares.

The company has announced that, they will utilize the fund to enhance its strategic flexibility to pursue future growth opportunities in the media landscape.

According to the market report, the shares of Zee Entertainment had declined over 30% in a single day, which was the biggest single-day drop on record after the company's proposed $10 billion merger with Sony was called off over various issues. After the incident, the brokerages also showed downward direction. Shares of Zee Entertainment ended 3% lower on Tuesday at 55.41.direction.

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