Zee Telefilms is becoming aggressive about the Internet. The company's board today approved an aggressive fundraising drive from the US market which would help it achieve these ambitions.

A company press release said that the board has given it the go-ahead "to raise funds up to $1.5 billion or by issue of up to 40 million equity shares including premium, whichever is higher, by issue of American depositary shares"

The purpose: Zee Telefilms wants to develop its leadership position in the media business and new business lines - specifically Internet and new media - the press release said.

It will be approaching its shareholders for approval on 10 April. It's quite likely that the extra ordinary general meeting it is planning will be a mere formality like in the past. Shareholders have on the whole lauded Zee Telefilms chairman Subhash Chandra's vision and have given him a blanket chit on most of his fund-raising proposals at general body meetings.

In fact, the company is in the process of finalising its lead managers and registrars to help raise funds.