Promoters of Zee Telefilms, Subhash Chandra and Associates and its foreign promoters, have diluted their stake by almost seven per cent last fiscal year in the company to touch 59.61 per cent as against 66.59 per cent as on March 31, 2000. This stake dilution precedes a further offloading of equity in favour of a strategic partner this fiscal year.
Part of the equity dilution by promoters last fiscal year has been done by issuing equity shares on preferential basis to a Foreign Institutional Investor (FII), for paying off the money advanced by ZTL in an attempt to acquire equity stakes in media and entertainment companies last year.
Out of the total issued, subscribed and paid up share capital of Zee Telefilms, 21.03 crore equity shares of one rupee each full paid up were allotted for consideration other than cash against acquisition of investments during 2000-01.
Another significant change in the media major’s equity patter has been meteoric rise in equity held by domestic companies. These entities held only 1.82 per cent stake in Zee Telefilms in 1999-2000, but their stake has gone up to 6.19 per cent last fiscal. Also, the equity stake of individuals has been hiked in ZTL, from 7.14 per cent (2.92 crore shares) in 1999-2000 to 8.86 per cent in the year under review.