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Virendra Verma

MUMBAI, July 8

MUTUAL Funds and FIIs have reduced their stakes drastically in media company Balaji Telefilms in the last quarter, amidst concern over the fall in the viewership of its TV serials.

In addition, the concern over the implementation of CAS also led institutional investors to exit. Stock broker Ketan Parekh entity Panther Fincab, that had 5 per cent stake in the company, has also sold its stake in the last quarter.

According to the latest shareholding pattern filed by the company with stock exchanges, the mutual funds holding has come down by over 9 per cent between April-June quarter. The stake has come down from 13.28 per cent at the end of March 2003 to 4.26 per cent in June.

Similarly, FIIs holding too has come down by 6 per cent from 16.29 per cent to 10.29 per cent during the same period.

Among the leading institutional investors that have sold their holdings include Alliance Mutual Fund. The fund that held 5.78 per cent stake at the end of March now has almost negligible holding. During the last quarter, UTI bought 1.16 per cent stake under its Children Career Plan scheme.

Several FIIs such as Lloyd George, India Liberalisation Fund, Northern Trust (trustee of Alliance Capital Group trustee) have also exited.

The public and private corporate bodies have bought the shares sold by these institutions. The public holding have increased from 6.05 per cent to 11.17 per cent and private corporate bodies holding have gone up from 6.32 per cent to 12.25 per cent.

The change in the shareholding pattern in the last quarter also had impact on the stock price of Balaji Telefilms. The stock price fell from around Rs 70 levels to low of Rs 50.

But after the selling from mutual funds and FIIs was over, the stock rebounded and currently traded around Rs 67. In today's trading, the stock closed at Rs 67.50, up 0.82 per cent on BSE.

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