ZEE TV CONVENES SHAREHOLDER MEETING; SHARE REACHES NEW HIGH

Zee Telefilms Ltd (ZTL) has convened an extra-ordinary general shareholder meeting to be held on 26 March. The company is seeking investor approval for a clutch of proposals. It wants to expand its authorised equity capital from Rs 500 million to Rs 750 million. The management wants ZTL to opt for digital technology; launch eight regional language channels to take advantage of digitalisation, and finally set up joint ventures in print publishing. ZTL has managed to secure a term loan and credit facilities to the tune of Rs 1,100 million from a financial institution and banks to fund these expansion plans.

Meanwhile, the ZTL share continues on its joy ride on the stock exchanges scaling another peak on increased buying by a couple of foreign institutions. It touched a high of Rs 965 on the last weekend before closing at Rs 951.50. Market punters expect the share to leapfrog into the Rs 1,500 range in the next six months.