Balaji Telefilms soars on buzz of Star India's stake sell report
STAR India may sell its 25.99% holding in Balaji Telefilms to its promoters
Balalji Telefilms soared 8% to Rs 43.70 on reports that STAR India may sell its 25.99% holding in the company to its promoters.
“If the promoters want to have a conversation on buying us out, STAR India can have the conversation,” the media report suggests quoting STAR India CEO Uday Shankar.
“STAR India, the broadcaster had bought the stake in 2004. Balaji Telefilms promoters include yesteryear screen idol Jeetendra, his wife Shobha Kapoor and other family members. The company is overseen by Jeetendra's daughter Ekta Kapoor," added report.
The stock opened at Rs 42 and hit a low of Rs 40.30 on the NSE. A combined 470,214 shares have changed hands on the counter so far on both the exchanges.