Balaji Telefilms trims most of early gains; stock up over 1%

Trimming most of its initial gains on profit-taking, shares of Balaji Telefilms ended the day over 1 per cent higher, a day after Star India sold its entire 25.99 per cent stake in the company for an estimated Rs 108 crore.
After surging 10.23 per cent to Rs 105 -- its 52-week high -- in intra-day trade, shares of the company finally ended at Rs 95.90, up 0.68 per cent on the BSE.
On the NSE, the stock settled with a gain of 1.1 per cent at Rs 96.35.
Most of the shares were purchased by Balaji Telefilms' promoters - Ekta Kapoor and Shobha Kapoor - and Group CEO Sameer Nair.

"This confirms Star's exit of a minority stake of 25.99 per cent in Balaji Telefilms. Axis capital acted as advisors to Star and also executed the on-market sale on August 5, 2015," Star India CEO Uday Shankar said.
Star India, which had initially acquired 21 per cent stake in Balaji in August 2004 for over Rs 120 crore, increased its holding in the company to 25.99 per cent.
As per the latest data available with Metropolitan Stock Exchange (formerly known as MCX-SX), Star India offloaded a total of 1.69 crore shares of Balaji Telefilms through open market route.
The shares were sold at an average price of Rs 63.6 apiece valuing the transaction at Rs 108 crore.