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Zee TV board approves
ADS issue
Zee Telefilms is becoming aggressive about
the Internet. The company's board today approved an aggressive
fundraising drive from the US market which would help it
achieve these ambitions.
A company press release said that
the board has given it the go-ahead "to raise funds
up to $1.5 billion or by issue of up to 40 million equity
shares including premium, whichever is higher, by issue
of American depositary shares"
The purpose: Zee Telefilms wants
to develop its leadership position in the media business
and new business lines - specifically Internet and new media
- the press release said.
It will be approaching its shareholders
for approval on 10 April. It's quite likely that the extra
ordinary general meeting it is planning will be a mere formality
like in the past. Shareholders have on the whole lauded
Zee Telefilms chairman Subhash Chandra's vision and have
given him a blanket chit on most of his fund-raising proposals
at general body meetings.
In fact, the company is in the process of finalising its
lead managers and registrars to help raise funds.
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