Star India today sold its entire 25.99 per cent stake in Balaji Telefilms for an estimated Rs 108 crore.
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 5th 2015," Star India CEO Uday Shankar said.
"This is in line with our strategy to focus on core businesses where Star has the ability to shape and scale the future growth path of its investments. Our programming and contractual relationships with Balaji are deep and we continue to work on strengthening them to our mutual benefit," he 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 on average price of Rs 63.6 valuing the transaction at Rs 108 crore. The shares were sold at a discount from the today's closing price of Rs 95.25 apiece on the BSE.
Following the block deal, shares of Balaji Telefilms gained as much as 20 per cent.
