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Michelle joins Balaji Telefilms board

MUMBAI: Star Group chief executive officer Michelle Guthrie and John Yu Leung Lau, nominees of Asian Broadcasting FZ LLC (ABF), have joined the board of Balaji as additional directors from 24 January.

Star Group affiliate ABF had acquired 21 per cent stake of the total post issue paid up share capital of Balaji Telefilms for Rs 1.23 billion. ABF then made an open offer and had to bring down its total stake in Balaji Telefilms from 32.24 per cent to 25.99 per cent as per regulatory norms.

DSP Merrill Lynch picked up 6.29 per cent stake in Balaji from ABF in a subsequent development.

The merchant banker to the offer by Asian Broadcasting, intimated the company about the completion of all formalities including payment of consideration to the shareholders who accepted the offer and having complied with the requirements of SEBI (Substantial Acquisition and Takeovers) Regulation 1997.

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