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FII reduce their holding in Zee by 3.47%

17-April-2002
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FII reduce their holding in Zee by 3.47%

Foreign promoters of Zee Telefilms have pared their holding in the company by 3.47 per cent in the last quarter, to 29.46 per cent. While 2.1 per cent has been divested in favour of a foreign institutional investor (FII), the balance was offloaded in the secondary market.

The promoters have been offloading shares in Zee Telefilms in tranches. Foreign promoters’ holding, which was at 36.26 per cent in March last year, stands at 29.46 per cent now, recording an erosion of 6.8 per cent. Indian promoters’ holding remained almost unchanged at 23.32 per cent in the period.

Analysts said, promoters of Zee Telefilms have been discharging their liabilities of Rs 220 crore towards the company in a staggered manner.

Meanwhile, the board of directors of Zee Telefilms has cleared a corporate restructuring proposal whereby 11 subsidiary companies under the umbrella of Zee Telefilms would either be merged with it or wound up. Post restructuring, there would be 12 subsidiary companies under Zee Telefilms.

The companies proposed to go are E-Connet India Ltd, Programme Asia Trading Company Ltd, Elzee Television, Kaveri Entertainment Ltd, Dakshin Media Ltd, Winterhealth Company Ltd, Mauritius, Hokushan Trading Ltd HongKong, Expand Fast Holdings Ltd, BVI, Zee Multimedia Worldwide Ltd, BVI, Asia TV, USA, Zee TV SA (Propreitary) Ltd South Africa.

The new look corporate structure of the company is expected to result in better utilisation of resources.

On the expansion front, Zee Telefilms recently acquired a strategic stake in Padmalaya Telefilms, a Hyderabad-based media company.

Zee Telefilms will acquire two million shares of Padmalaya Telefilms at Rs 142.20 a share. It will also fund an open offer by Padmalaya Enterprises to shareholders of Padmalaya Telefilms for a further 2.1 million shares at Rs 148.50 a share. Following the acquisition, Zee Telefilms will own 64.3 per cent in Padmalaya Enterprises.

The Zee Telefilms scrip today appreciated 2.07 per cent on the Bombay Stock Exchange (BSE) and closed at Rs 167.40.

On the National Stock Exchange (NSE), the scrip closed at Rs 168.20. Volumes were significant at 16,59,304 and 32,27,259 on BSE and NSE respectively.

Source: Business Standard

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