Balaji Telefilms' promoters increase stake to 47.29%

Balaji Telefilms on Friday said its promoters have 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. In a BSE filing, Balaji Telefilms said, "Promoters Shobha Kapoor and Ekta Kapoor have acquired 28.43 lakh equity shares at Rs 63.60 per equity share. Promoters of Balaji Telefilms increase equity stake to 47.29 percent from 42.93 percent." Post acquisition, Shobha Kapoor's shareholding in the company has increased to 15.31 percent and Ekta Kapoor's shareholding is at 23.87 percent. Sameer Nair, Group CEO, Balaji Telefilms has acquired 4.16 lakh equity shares. His current holding now stands at 1.06 percent, the company said.

Commenting on the development, Balaji Telefilms Managing Director Shobha Kapoor said: "Balaji Telefilms has in place a very strong growth platform in both the Television and Motion Pictures segments. We are very optimistic about our growth outlook that is being driven by a highly capable leadership team. This transaction is reflective of our confidence in the company and its growth story." Earlier this week, Star India sold its entire 25.99 percent stake in Balaji Telefilms for an estimated Rs 108 crore.

Most of the shares were purchased by Balaji Telefilms' promoters - Ekta Kapoor and Shobha Kapoor - and Group CEO Sameer Nair. "This is in line with our strategy to focus on core businesses where Star has the ability to shape and scale the future growth path of its investments. Our programming and contractual relationships with Balaji are deep and we continue to work on strengthening them to our mutual benefit," Star India CEO Uday Shankar had said on the share sale.

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.