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Zee to review ADR plans

29-May-2001
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Zee to review ADR plans

Zee Telefilms announced that the company's plans to issue ADRs are on hold and have not been dropped, it would review plans at an opportune time. Last year, the company had announced plans to go for a $1.5 billion-ADR issue to fund expansion and received shareholders' approval for the same in April, but subsequently scaled this down to $200 million.

As per the original plan, money raised via the proposed issue was meant to fund Zee's acquisitions within the media business as well as other related expansion plans.

The ADR deferment comes close on the heels of the company announcing its decision to induct a strategic partner, preferably an international media major, so as to obtain "objectives of higher growth in the years ahead".

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