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Zee Telefilms to mop up $100 million for expansion

21-April-2004
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Zee Telefilms to mop up $100 million for expansion

Zee Telefilms (ZTL) plans to raise $100 million through foreign currency convertible bonds (FCCBS) for financing new projects and expansion plans.

The company will issue FCCBs, which will have a five-year tenure. These bonds will be convertible into shares at premium over the current market price, the company said in a notice to Bombay Stock Exchange (BSE) and National Stock Exchange. However, the company did not provide details about the timing of the issue.

ZTL plans to raise funds for importing capital goods, new projects, modernisation and expansion of existing ventures and wholly owned subsidiaries, mergers and acquisitions abroad. On Tuesday, the stock closed at Rs 146.10 as against yesterday’s close of Rs 138.35.

Meanwhile, the company posted a profit after tax of Rs 44.59 crore for the quarter ended March 2004 compared with a profit after tax of Rs 32.57 crore for the quarter ended March 2003.

Total income has increased from Rs 150.98 crore in MQ-03 to Rs 189.82 crore in MQ-04. The company has posted a profit after tax of Rs 116.97 crore for the year ended March 2004 compared with a profit after tax of Rs 94.74 crore for the year ended 31 March 2003.

The Zee group has posted a profit after tax of Rs 87.6 crore for the quarter ended March 2004 compared with a profit after tax of Rs 45.35 crore for the quarter ended March 2003. Total revenue has increased from Rs 351.45 crore for the quarter ended March 2003 compared with Rs 382.58 crore in the corresponding quarter ended March 2004.

The group has posted a profit after tax of Rs 310.17 crore for the year ended 31 March 2004 compared with a profit after tax of Rs 224.45 crore for the year ended 31 March 2003.

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