Media stocks gain on the last day of 2002

MUMBAI: The media and entertainment sector stocks ended the calendar year on a high note. The market sentiments improved due to varied reasons such as the expectations of a good financial results; and indications that Zee will be raising US$ 40 million loan via an overseas corporate body (OCB).

On the Bombay Stock Exchange (BSE), Zee Telefilms opened at Rs 96.60; touched a high of Rs 98.9 before closing at Rs 97.5 (up 0.9 per cent); registering a volume of 1,579,695 shares. On the National Stock Exchange (NSE), the scrip opened at Rs 96.65; closed at Rs 97.55 registering volumes of 3,219,392.

On the BSE, the Balaji Telefilms scrip opened the day at Rs 83; climbed to Rs 85.05 (up 2.05 per cent) backed by hefty volumes of 3,27,679 shares traded.

On the BSE, Sri Adhikari Brothers Television Network started the day at Rs 93.35; climbed to 94.60 (up 1.25 per cent). Creative Eye started the day at Rs 14.75 and touched Rs 15. Cinevista Communications ended the day at Rs 35, while the TV18 stock finished the day at the bourses at Rs 78 (up 1.65 per cent).

Earlier, the Zee counter showed hectic activity due to a report in The Hindu Business Line . The report stated that the Subhash Chandra group had finalised plans to pledge equity shares of Zee Telefilms Ltd with the Zurich-based Credit Suisse First Boston Corporation (CSFBC) for a three-year term loan of $40 million.

The report mentioned that Delgrada Ltd, a Mauritius-based OCB owned by Mr Subhash Chandra will pledge five crore equity shares of Zee Telefilms, having a face value of Re 1 each, with Credit Suisse First Boston, Singapore, a wholly-owned subsidiary of the Zurich-based global banking and insurance giant.

The report also added that the OCB is unable to repay the loans within the stipulated time-frame of three years, CSFB would have the right to invoke the pledge and acquire ownership of the equity shares paving the way for having a substantial ownership in one of India's premier media and television companies.

It stated that the company had approached the FIPB for prior approval of the proposed transfer of ownership of equities from the present owner, Delgrada Ltd to CSFB, Singapore, along with a request for an extended three-year validity of the approval. The normal validity for all FIPB approvals is two years.

According to the report; earlier this year, the DCA had initiated prosecution against the company for not mentioning the names of SSI creditors in its balance sheet for financial years 1998-99 and 1999-2000 as well as for not providing the break-up of payments to directors, including the managing director, in its balance sheet.

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