Transaction Summary
Zee Media Corporation Limited has allotted 3,960 FCCBs of US$ 1000 each to Sun India Opportunities Investing Fund 'incorporated VCC sub-fund' on a private placement basis. The total issue size amounts to US$ 3,960,000.
Key Transaction Details
- Type of Issuance: Private placement
- Number of Investors: 1 (One)
- Investor Name: Sun India Opportunities Investing Fund 'incorporated VCC sub-fund'
- Investor Category: Public Category (Non-Promoter/Non-Promoter Group entities)
- Coupon Rate: 5%
- Security Type: Unsecured, unlisted Foreign Currency Convertible Bonds
- Allotment Price: US$ 1000 per FCCB
Conversion Terms
The FCCB holder has the option to convert the bonds into equity shares at a conversion price of Rs. 13.50 per equity share (including premium of Rs. 12.50 per equity share). Upon full conversion of all 3,960 FCCBs, the investor would receive an aggregate of 2,51,70,552 fully paid-up equity shares. The conversion price is subject to adjustments in accordance with the terms agreed between the parties and applicable law.
Capital Structure Impact
As explicitly stated in the disclosure, there is no change in the paid-up share capital of the Company at this stage upon allotment of the FCCBs. The capital impact will only occur upon conversion by the bond holder.