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| Balaji Telefilms zooms 19% on ADAG buying Star stake |
| BS Reporter / Mumbai Jun 15, 2010, 01:20 IST |
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Shares of Balaji Telefilms today rose 19.23 per cent to Rs 57.65 on the Bombay Stock Exchange, on a growing buzz that STAR India was selling its 25.99 per cent stake in the company to Reliance Big Entertainment, an Anil Dhirubhai Ambani Group company.
Reports that Balaji would improve its turnover with more products across STAR India’s network channels, also helped the cause.
One serial is back on prime time on STAR Plus after two years.
In the last four trading sessions, Balaji Telefilms’ scrips have risen 22 per cent.
Star India had acquired the stake in Balaji through its affiliate Asian Broadcasting FZ-LLC for Rs 123 crore in 2004.
A STAR India spokesperson, however, said, “We do not comment on speculations.”
Rajesh Sawhney, president, Reliance Big Entertainment, said the reports of it buying a stake in Balaji were not true.
“It is completely untrue that we are buying a stake.” The production house and Star India had fallen out as Balaji Telefilms had approached the Bombay HC in 2008, challenging STAR Group’s decision to terminate Kyunki Saas Bhi...’ serial before it’s contractual date.
The agreement between the two companies was that Balaji Telefilms would not produce any show for a rival channel, while Star Plus would screen all Balaji’s shows on prime time.
However, matters have been sorted out and the production house is now poised to create more content for the network.
Star India recently announced that Balaji Telefilms would be producing a show, Tere Liye, for Star Plus.
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