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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