The Hindu Business Line : Balaji Tele shares end lower on stake sale by Star TV arm

SHARES of Balaji Telefilms moved down on the Bombay Stock Exchange (BSE) to end at Rs 95.80 against the previous close of Rs 97.25 on news that Star TV affiliate Asian Broadcasting FZ LLC had sold 40.74 lakh shares or 6.25 per cent.

Asian Broadcasting had sold these shares on January 12, DSP Merrill Lynch Ltd informed the National Stock Exchange today.

At present the shareholding of Asian Broadcasting in Balaji Telefilms is 25.99 per cent. Asian Broadcasting was to acquire not more than 26 per cent of stake in Balaji Telefilms as per the original deal entered into in August 2004.

It had subscribed to a preferential allotment of 1.72 crore shares and warrants representing 25.1 per cent holding in Balaji. Thereafter, it made an open offer to the shareholders of the television content company.

At that time, Asian Broadcasting had agreed to reduce its shareholding to 26 per cent of the total paid-up share capital of the company if it acquires in excess in a manner to be mutually agreed with the company and its promoters.

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