Balaji Tele up 7% as STAR willing to sell stake to promoters
STAR had initially picked up a 21 percent stake in Balaji Telefilms, and later increased to 25.9 percent through an open offer.The relationship between the two has been rocky after the TRP rating for Balaji's serials declined.
Shares of Balaji Telefilms were up more than 7 percent after a news report that STAR India is open to selling its 26 percent stake in the production company to its promoters.
STAR India CEO Uday Shankar has expressed his willing to hold talks with promoters of Balaji Telefilms in a report in Business Standard.
Promoters of Balaji Telefilms include Bollywood actor Jeetendra and his wife Shobha Kapoor.
Shankar has told the newspaper that though there is no agreement binding STAR to sell stake only to promoters, the company doesn't want to destabilise the current management.
The news has ended months of speculation over the stake sale.
STAR had initially picked up a 21 percent stake in Balaji Telefilms, and later increased to 25.9 percent through an open offer.
The relationship between the two has been rocky after the TRP rating for Balaji's serials declined.
At 10:57 a.m., the stock was up 6.9 percent at Rs 42.70.
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