Zee to raise $239 mn via FCCBs
These FCCBs would be issued to Resonance Opportunities Fund, St. John's Wood Fund Ltd. and Ebisu Global Opportunities
These FCCBs would be issued to Resonance Opportunities Fund, St. John's Wood Fund Ltd. and Ebisu Global Opportunities
MD & CEO Punit Goenka will assume direct charge of the critical business verticals including the domestic broadcast business.
On January 22, Sony ended two-year-long merger talks with ZEE, citing the inability of the latter to fulfil the merger agreement
The proposed structure is aimed towards arriving at a cost-effective operational model, says ZEE.
A board-appointed committee advises that the identified business verticals will need to substantially reduce losses and enhance their performance levels.
The three-member committee will be headed by former Allahabad High Court judge Dr Satish Chandra and will have Uttam Prakash Agarwal and P V R Murthy as the independent directors.
Both companies have reportedly engaged in talks in Mumbai in their last-ditch efforts to save $10 billion
Chandra family owns 3.99% stake in ZEE while domestic institutions and foreign institutional investors own 43.59% and 28.19% stake, respectively.
The development comes almost a week after Sony Group Entities put an end to two-year-long merger negotiations with Zee citing the inability of the latter to fulfill the merger agreement.
ZEE says it has also started "appropriate legal action" to contest Sony, BEPL’s claims in arbitration proceedings before SIAC