Shares of Balaji Telefilms are locked on the upper circuit filter. Know why
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Shares of Star sold its entire 25.99 percent stake in Balaji for 63.60 rupees per share on the MCX Stock Exchange. The price of the deal was negotiated below the prevailing market price. Star TV had been keen to exit Balaji over the past several years. Balaji is a TV software production house promoted by film star Jitendra's family. It has produced several hit TV serials for general entertainment channels.
As a consequence, Balaji Telefilms rose 15.60 rupees, or 19.9 percent, to 95.30 rupees, a fresh high, on the National Stock Exchange. The company's market capitalisation stands at 560 crore rupees and a 26 percent stake sale would mean the deal is valued at 145 crore rupees.
Image credit: Indiatimes
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