Financial Daily
from THE HINDU group of publications
Friday, July 13, 2001
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Financial Daily from THE HINDU group of publications Friday, July 13, 2001 |
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Zee Telefilms: Unlikely to impress
THE sale of a sizeable stake by the promoters of Zee Telefilms may not lead to any significant and sustainable improvement in the valuation of the stock.
The promoters (Essel group) have sold 5 million shares to a US investor and the deal is expected to raise around Rs 60 crore. The shares sold account for around 12 per cent of the equity. As such the move is unlikely to be seen as induction of a strategi
c partner. There is also no direct cash inflow as far as the company is concerned. There have been indications that the sale is intended to return a part of the funds lent by Zee Telefilms to the promoter group.
Welcome as any returns of funds may be, concerns over performance as well as the business practices may remain. The stock was up 11 per cent on Thursday's trading. But any significant upside from current levels on the back of this development appears unl
ikely. -- BL Research Bureau
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