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To pick up stake in Balaji Tele
NEW DELHI,
JAN. 10.
The Star group company Asian Broadcasting will pick up 21 per cent stake in India's leading entertainment company Balaji Telefilms for Rs. 123.25 crores.
The proposal for allotting 13.69 million shares to Asian Broadcasting was approved by the Balaji board of directors at a meeting today, Balaji informed the BSE.
Post-deal, the Star group would have to make an open offer and take up its stake in Balaji to 32.24 per cent.
However, Asian Broadcasting has to dilute its stake to 25.99 per cent by July to conform to Foreign Investment Promotion Board norms.
— PTI
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