Zee Telefilms shelves ADR issue plan

(Posted on 28 March, 10:30 am)

Zee Telefilms said on Tuesday that it had shelved plans to float a $200-million American depository receipt (ADR) issue, to fund its proposed expansion, at least for the time being.

"I am very much in doubt about going in for the ADR issue, definitely not at this point in time," the Press Trust of India quoted a company official as saying.

On 10 April last year, the Subhash Chandra promoted media company had received the shareholders' nod for raising $1.5 billion through the ADR route, but had subsequently scaled this down to $200 million.

The proceeds from the issue were meant to fund Zee’s acquisitions within the media business as well as other related expansion plans linked to acquiring content and boosting its distribution network.

Click for more Headlines