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Thursday, Apr 22, 2004

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Corporate - Overseas Borrowings

Zee Telefilms to issue $100-m FCCBs

Our Bureau

Mumbai , April 21

ZEE Telefilms Ltd has informed the BSE that the company has decided to issue Foreign Currency Convertible Bonds aggregating $100 million in the international market. The issue also includes a greenshoe option of $15 million.

The bonds will be listed on the Singapore Stock Exchange.

The bonds will have a tenor of five years and will be convertible into shares at a premium over the current market price. They are convertible into newly issued ordinary shares of Rs 1 per share of Zee at the option of bondholders, at a conversion price of Rs 197.24 per share.

This is at a 35 per cent premium to the company's closing share price on the Bombay Stock Exchange of Rs 146.10 on April 20.

The bonds carry a coupon rate of 0.5 per cent per annum and would be redeemable at a price of 116.24 per cent, if not converted into ordinary shares during the period.

The issue, which was launched post-trading hours of BSE on April 20, received strong demand, a press release said. UBS AG and Citigroup Global Markets Inc were the joint book runners for the issue.

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