Zee Telefilms Ltd is to raise upto $100 million through external commercial borrowings by the end of the current fiscal to fund its equipment upgradation plans.

The company board on Wednesday approved the proposal to raise long term funds of upto $100 million by way of an issue of ECBs in the form of convertible bonds, a senior company official said.

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, he said, adding meeting of shareholders has been convened on March 9 for seeking their approval.

Zee official said the duration of the bonds would be slightly more than five years and the pricing would have an element of premium for attracting investors.

"The company is currently conducting discussions to appoint lead book managers for the proposed offering", he said.