Zee Entertainment resets FCCB price to Rs 153.45/share

New Delhi, May 16 (UNI) Zee Entertainment Enterprises today said it has reset the initial conversion price of its Foreign Currency Convertible Bonds (FCCB) to Rs 153.45 from Rs 197.23 per share.

The company had, in 2004, issued FCCB worth 100 million dollars, comprising of 0.5 per cent FCCBs of 10,000 dollars each, including the Green Shoe Option.

Till date, out of 10,000 bonds, 9,467 bond of 10,000 dollars each have been converted into 21,061,753 equity shares of Re one each of the company, a statement said.

Also, as per the terms and conditions of the Bonds detailed in the Offering Circular dated April 20, 2004, the initial conversion price of Rs 197.23 was subject to adjustment in certain events as specified, which include the demerger of business undertakings of the company.

The reset price will be applicable for all conversion requests that may be received by the company on or after April 18, 2008.

The exchange rate to be considered for the purpose of conversion shall remain the same at Rs 43.880 for one dollar, it added.

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