Star exits Balaji Telefilms, unloads 25.9% stake for Rs 108 cr | DTH Forum with Fastest DTH Updates

Star exits Balaji Telefilms, unloads 25.9% stake for Rs 108 cr
#1
MUMBAI: Rupert Murdoch-owned Star
network, has exited the Indian
production powerhouse Balaji
Telefilms Ltd (BTL) by offloading its
entire 25.99 per cent holding in the
Ekta Kapoor company for Rs 108 crore
(Rs 1.08 billion).
The holding company Star Middle East
FZ LLC, a wholly owned subsidiary of
21st Century Fox, sold 16.9 million
shares at a discounted price of Rs
63.60 per share via block deal at the
Metropolitan Stock Exchange of India
(MSEI).
Star first picked up 21 per cent stake
in BTL in August 2004 for Rs 90 per
share, after which it increased it to
25.9 per cent through an open offer.
While the buyer is yet to be disclosed,
BTL share price saw a massive 19.96
per cent jump and hit the upper
circuit (Rs 95.25 apiece) in early
trade on BSE.
Incidentally, the last time BTL shares
had traded at this level was in October
2008, when the rapport between the
production house and Star India went
kaput.
Star India CEO Uday Shankar had
earlier said that his company was
willing to sell the shares back to the
promoters.
http://www.televisionpost.com/television...rs-108-cr/
ANIL G


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