New Delhi: Balaji Telefilms on Friday said its promoters have increased their stake in the company to 47.29 per cent after Star India sold its entire 25.99 per cent 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 per cent from 42.93 per cent."
Post acquisition, Shobha Kapoor's shareholding in the company has increased to 15.31 per cent and Ekta Kapoor's shareholding is at 23.87 per cent.
Sameer Nair, Group CEO, Balaji Telefilms has acquired 4.16 lakh equity shares. His current holding now stands at 1.06 per cent, 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 per cent 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 per cent stake in Balaji in August 2004 for over Rs 120 crore, increased its holding in the company to 25.99 per cent.
