Financial Daily from THE HINDU group of publications
Saturday, Feb 07, 2004

News
Features
Stocks
Cross Currency
Shipping
Archives
Google

Group Sites

Corporate - Restructuring


Zee Telefilms plans to revamp debt portfolio

Our Bureau

Mumbai , Feb 6

ZEE Telefilms Ltd (ZTL) has announced that it plans to carry out a debt restructuring programme to reduce its overall debt burden.

Currently, ZTL has an outstanding debt position of Rs 500 crore, a company official said.

The company said it is exploring the possibilities to raise low-cost financing for some of the projects in hand and for its capital expenditure plans.

In a statement to the Bombay Stock Exchange, the company said that its board is to meet on February 11 to approve this proposal. The company said it will not be raising the current debt level. The company had issued a notice to the BSE on Thursday saying that its board will consider and approve raising of funds by way of debt whether convertible or non-convertible and/or equity, in domestic or international capital markets.

In today's notice, the company clarified that it is seeking funds to carry out a debt restructuring programme and there will not be an increase in the overall debt position.

``In order to reduce its overall debt burden, the company intends to get approval from the board to restructure its debt portfolio. The company with the surplus cash in hand intends to repay its high cost debt,'' ZTL said.

The company is restructuring its debt portfolio to achieve the objective of debt free company in short to medium term, the statement said.

During the third quarter of 2003-04, ZTL had a 46 per cent drop in interest expense at Rs 12.2 crore against Rs 22.6 crore in the year-ago period.

According to analysts, the decline in interest cost was higher than expectation because of lower net debt and lower interest rates.

More Stories on : Restructuring | Radio/TV

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page



Stories in this Section
FACT to hold EGM on Feb 27


TAFE to unveil 25 hp tractors soon; targets North
Radaan Media plans to forfeit partly-paid shares
MMTC declares 25 pc interim
Filatex shareholders okay preference share issue
India Inc not for restriction on pyramidal structure
L&T CMD Naik bags corporate leadership award
HMT wins award
HC stays warrant against Chennai co
Top-level attrition in Arvind Mills
Zee Telefilms plans to revamp debt portfolio
Ranbaxy to set up subsidiary in Spain
Cosmetics major L'Oréal opens Rs 50-cr manufacturing plant
Minda Huf to set up new plant in Pune
SEBI may amend norms for disclosing shareholding
Pfizer Sanofi pact to promote anti-depressant drug
`Our entry into regulated markets will show results next year'
Shiva Cement may raise Rs 9.5 cr through rights-cum-public issue
Thermax to focus on 50-100 MW range power plants
Mahindra Defence eyes Rs 100-crore turnover
Ashok Leyland sales up 30 pc in Jan



The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright © 2004, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line