12th July, 2001
Promoters of Zee Telefilms Limited (ZTL) have been discharging their liabilities of Rs.2.20 billion towards ZTL in a staggered manner. They had promised to return entire Rs.2.20 billion by 30th June, 2001. However they could return only Rs.600 million by June, 2001. They have now placed 5,000,000 of their personal shares with a US based Institutional Investor, the proceeds of which will be paid back to ZTL upon settlement. This amount will reduce the promoter’s liabilities further.
The Institutional Investor who has purchased these 5.0 million shares, is a long term investor in Zee Telefilms Limited.
“We are committed to return the full amount with interest at the earliest possible time”, said Mr. A.C. Saha, President, Corporate Finance, Essel Group of Companies. “Placement of these shares is a testimony of the promoters’ commitment to fulfill their obligation despite the share price of Zee Telefilms Ltd. being very low”, he added.
“We are happy to have as our shareholder, an Institutional Investor who has a long-term perspective about the Company’s future prospect and growth”, said Essel Group spokesperson.