Financial Daily from THE HINDU group of publications
Thursday, Feb 12, 2004
Financial Daily from THE HINDU group of publications Thursday, Feb 12, 2004 |
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Corporate
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Overseas Borrowings Zee Tele plans to raise $100 m through FCCBs Our Bureau
Mumbai , Feb. 11 ZEE Telefilms Ltd (ZTL) will be going in for a foreign currency convertible bond (FCCB) issue to raise $100 million (around Rs 453 crore) to meet its capital expenditure requirements. The bonds would be convertible into the company's equity shares following the date of issue. It is proposed that the bonds would be listed on an international stock exchange, ZTL informed the Bombay Stock Exchange. According to an official of the company, the proceeds of the FCCB issue will be used to upgrade its infrastructure pertaining to distribution as well as conditional access system infrastructure. The board has convened a meeting of the shareholders on March 9to get their approval. The process should be completed within six weeks, the company official said. The FCCB will be of five-year duration and the pricing will at a premium to the share price.
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