The hiving off of NumTV, the Web casting portal and content aggregator belonging to Pentamedia Graphics Ltd., into a separate company has been delayed as its valuation, given the current market conditions, is not very attractive. Earlier, the company had planned to hive off Num TV in order to give it a better focus and bring in strategic investors.
Also, the market conditions for the proposed $250 million American Depository Receipts (ADR) is unattractive given the current domestic stock price and the tech meltdown in the Nasdaq. The company had obtained its shareholders approval to raise $250 million from international market with a greenshoe option of 15 per cent on December 15, 2000. The approval is valid for a period of three months.