| MUMBAI:
Speculation of Malaysia-based Astro buying out Star's 25.9 per cent stake in Balaji
Telefilms lifted the shares of the television production house to as much as 9.44
per cent, but the stock closed Thursday only 0.66 per cent up to Rs 199.35 on
the BSE. Balaji
Telefilms and Star executives refused to comment, but the market has carried their
uneasy relationship to speculate on the possible buyers. The names that have been
doing the earlier rounds are Reliance ADAG and Eros International. Balaji
promoters hold 40 per cent stake in the company and have the first right of refusal
to buy back the shares from Star. Last
year, Star and Balaji announced a joint venture to roll out regional general entertainment
channels but things apparently have been at a limbo. Talks to sort out the differences
have still not been conclusive. Astro
has shown aggression in the Indian media market and holds stake in Red FM and
in Sun Direct, the DTH venture of Kalanithi Maran's Sun Group. | 
