| ABF is to make an open offer to Balaji shareholders
for acquiring a 20 per cent stake in India's leading television soap
factory at a price of Rs 90 per share aggregating Rs 1173.8 million
payable in cash.
The open offer is for 13,042,089 fully paid up equity shares of
Rs 2 each, representing 20 per cent of the voting post issue equity
capital of Balaji at a price of Rs 90 per share, fund manager to
the offer DSP Merrill Lynch informed the Bombay Stock Exchange (BSE)
today. The offer opens on 18 October 18 and closes on 16 November.
No other person is acting in concert with the ABF for the offer,
DSP Merrill Lynch said, adding the offer was not conditional on
any minimum level of acceptance by the share holders.
In a related development meanwhile, market regulator Securities
and Exchange Board of India (Sebi) has initiated an investigation
into charges of insider trading against Balaji in the run up to
the announcement of the deal with Star, Sebi officials confirmed
to indiantelevision.com. Sebi officials admitted to having initiated
the process of gathering data but declined to divulge any further
developments.
Also read:
Star to
take 25 % stake in Balaji Telefilms
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