UBS Warburg to advise Zee

Embattled Indian media company Zee Telefilms has appointed UBS Warburg as its financial advisor. Zee, which is keen to find new strategic investors to raise finance, has however had a few problems of late and has seen its stock dumped by investors. At one stage, Zee lost 90% of the market value it attained at its peak in the tech boom of 2000. It also shelved plans to do a $1.5 billion ADR.