Indian media giant Zee Telefilms has shelved plans to float a US$1.5 billion
Depository Receipt (ADR) issue, to fund proposed expansion, at least for
the time being.
Highly placed source at Zee said that he was reticient given the state of the market about an ADR issue. He added that the company might consider an issue at
appropriate time.
When ZTL had announced that it was going in a for ADR issue of about US $ 1.5
billion, the industry had gasped as it would have been the country's
biggest ever ADR issue.
The ADR money was also supposed to be used for expansion of a broadband over cable multimedia delivery mechanism.
Zee has also scaled down its plans to lay a US$532 million Hybrid Fiber-optic
Coaxial Cable Project, and will now lay cable over six cities in a phased manner.
