Star Network sells its 26% stake in Balaji Telefilms

Star Network has offloaded its 26 per cent stake in Ekta Kapoor's Balaji Telefilms through a block deal on Metropolitan Stock Exchange of India (MSEI).

There were around 16.9 million equity shares of the company at an average price of Rs. 63.60, per share.

It may be recalled that in 2004, Asian Broadcasting (ABF), a Hong Kong-based 100 per cent Star affiliate, had acquired 17.26 million shares (21 per cent) of Balaji Telefilms at Rs. 90 per share for Rs. 155 crore. It had subsequently increased its share to 25.9 per cent in the company.

Star India and Balaji Telefilms were enjoying a healthy working relationship until the shows of the production house were seen getting hit by other shows. Star was looking out at selling its stake in the company since 2008, and has finally managed to close the deal.