Television

Star makes open offer for 20 % stake in Balaji

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MUMBAI: Following up on the announcement made last week that Star Group affiliate Asian Broadcasting FZ LLC (ABF) was to take a 25.1 per cent stake in Balaji Telefilms, an open offer has been made by ABF to the shareholders of the production major.



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.

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