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July 30, 2001
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Money > Business Headlines > Report July 30, 2001 |
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Chandra's Delgrada raised $25 million from BoIYasahajit Saha & Rakesh P Sharma The Bank of India has extended a two-year $25 million bullet loan to Subhash Chandra-owned Delgrada Ltd. The loan was given by BoI's Hong Kong branch last year at a 150 per cent margin. According to sources, Delgrada provided shares of Zee Telefilms as collateral. "BoI Hong Kong branch took 150 per cent margin for this loan. Delgrada has been replenishing the collaterals continuously since the value of Zee shares has come down substantially," sources said. Sources said the company is up to date on its interest payment and the loan has not turned bad. "If it is not in a position to bring in fresh shares, it needs to credit the shortfall through a current account maintained with the HK branch as a lien," sources pointed out. Since the loan was more than $20 million, BoI required the Reserve Bank of India's permission to sanction the loan. In its presentation to the Joint Parliamentary Committee on ZTL's foreign transactions, RBI said: "In July 1999, the special committee on Indian investment abroad had approved the proposal of Zee Telefilms Ltd (I) to acquire 100 per cent stake in Zee Multimedia Worldwide Ltd, British Virgin Islands (ZMWL-BVI) in which Delgrada Ltd (which is largely owned by Chandra) held 94 per cent stake. The consideration for the acquisition of ZMWL-BVI was paid up by way of issue of shares of Zee Telefilms to the shareholders of ZMWL-BVI." On FIPB's approval, Delgrada Ltd was allotted 1,75, 51,950 equity shares of Zee Telefilms Ltd. "RBI has also granted permission to Delgrada Ltd to pledge 1,75,00,000 equity shares of Zee Telefilms Ltd as collateral security in favour of BoI, Hong Kong, for a loan of $25 million." ZMWL-BVI has two 100 per cent subsidiaries -- Zee Multimedia Worldwide Ltd, Mauritius (Zee MWL-Mauritius) and Expand Fast Holding Ltd. It has also a 50 per cent stake in Winterhealth Company Ltd which owns 100 per cent of Asia Today Ltd. Zee MWL-Mauritius holds 100 per cent in Asia TV Ltd UK, Asia TV (Africa) Ltd, Asia TV USA Ltd, Zee Television International Ltd and Software Supplies International Ltd. ZTL has two 100 per cent Indian subsidiaries -- Program Asia Trading Pvt Ltd and Siticable Network Ltd. PATCO holds 100 per cent stake in El-Zee Television Pvt. Powered by YOU MAY ALSO WANT TO READ:
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