Balaji Telefilms may raise Rs 150 crore from foreign investors

Balaji Telefilms is likely to raise Rs 150 crore from international investors, according to CNBC-TV18 sources. It is learnt that placement to international investors is likely to be around Rs 140 per share. International investors are likely to hold 15 percent stake in the media company post fundraising. However, stock is reacting negatively to the fund raising buzz, down 4 percent intraday on Wednesday. The board is meeting on February 4 to consider proposal of raising funds through issue of securities on preferential basis. Earlier in August, 2015 the Balaji's promoters increased their stake in the company to 47.29 percent after Star India sold its entire 25.99 percent stake for an estimated Rs 108 crore. Post acquisition, Shobha Kapoor's shareholding in the company increased to 15.31 percent and Ekta Kapoor's shareholding is at 23.87 percent. Sameer Nair, Group CEO current holding stands at 1.06 percent.Star India, had initially acquired 21 percent stake in Balaji in August 2004 for over Rs 120 crore, increased its holding in the company to 25.99 percent.