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May 25, 2001
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Money > Business Headlines > Report May 25, 2001 |
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Zee spikes $1.5 billion ADR planRaksha Hegde Zee Telefilms' move to rope in a strategic partner is in lieu of the company dropping plans for the $1.5 billion American Depository Receipt, in the pipeline since last year. Speaking to Business Standard, Rajesh Jain, president, corporate finance and strategy, said, "We have completely dropped plans for the ADR issue. The markets are currently in a recessionary mould and we will not be able to maximise the value of the ADR." "The move to bring in a strategic partner will give us the necessary capital. We will not need an equity issue also once we bring in the partner," Jain added. The media conglomerate had been dilly-dallying on its ADR issue for quite some time now, lately even announcing plans of slashing it to $200 million. Zee Telefilms may also have to delay plans for getting its broadcasting functions under one umbrella. This is because the company has to comply with the 49 per cent FDI cap in the media sector, when it ropes in the international strategic partner. Presently, the company does not have to comply with this as it is yet to uplink from India. Jain added, "There is a lot of detailing to be done. But we will continue with our plans for getting all our broadcasting functions under one umbrella." The company had earlier announced plans of converting itself into a local broadcasting channel as this would offer tax benefits. This was in light of the fact that the government had announced that channels uplinked from abroad would be taxed on par with locally uplinked channels. Powered by YOU MAY ALSO WANT TO READ:
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