Balaji Telefilms shares extend gain on Star India exit

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Mumbai | Updated: August 6, 2015 5:35:53 PM

Balaji Telefilms shares extended gain on Thursday after Star India sold its entire 25.99 per cent stake in the company for an estimated Rs 108 crore on Wednesday.

stocksBalaji Telefilms shares extended gain on Thursday after Star India sold its entire 25.99 per cent stake in the company for an estimated Rs 108 crore on Wednesday. (Reuters picture for representation only)

Balaji Telefilms shares extended gain on Thursday after Star India sold its entire 25.99 per cent stake in the company for an estimated Rs 108 crore on Wednesday. The shares closed 0.68% up at Rs 95.90.

In the early trade, the stock rallied 10.23 per cent to Rs 105 — its 52-week high — on the BSE.

Most of the shares were purchased by Balaji Telefilms’ promoters – Ekta Kapoor and Shobha Kapoor – and Group CEO Sameer Nair.

“This confirms Star’s exit of a minority stake of 25.99 per cent in Balaji Telefilms. Axis capital acted as advisors to Star and also executed the on-market sale on August 5th 2015,” Star India CEO Uday Shankar said.

Star India, which had initially acquired 21 per cent stake in Balaji in August 2004 for over Rs 120 crore, increased its holding in the company to 25.99 per cent.

As per the latest data available with Metropolitan Stock Exchange (formerly known as MCX-SX), Star India offloaded a total of 1.69 crore shares of Balaji Telefilms through open market route.

The shares were sold at an average price of Rs 63.6 apiece valuing the transaction at Rs 108 crore.

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