Rupert Murdoch-controlled Star Network has sold its entire stake in Mumbai-based Balaji Telefilms in a deal worth over Rs 107 crore.
According to data available with the Metropolitan Stock Exchange of India, Star Middle East FZ sold 1.69 crore shares in Ekta Kapoor-owned Balaji Telefilms at an average price of Rs 63.6 per share totalling to Rs 107.48 crore.
In 2004, Star had acquired 21 per cent stake in Balaji at Rs 90 per share, and had increased its stake to 25.99 per cent through an open offer.
Advised by Axis
“This confirms Star’s exit of a minority stake of 25.99 per cent in Balaji Telefilms. Axis Capital acted as advisors to Star and also executed the on-market sale on August 5, 2015,” Star India Chief Executive Officer Uday Shankar said in a statement.
“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,” Shankar added.
Following the block deal, shares of Balaji Telefilms gained as much as 20 per cent.