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Balaji Telefilms denies specific intent to sale of stake in digital business to global firm

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BENGALURU: Balaji Telefilms Limited has denied any specific intention of selling a stake in its digital business to a global firm  in a response filed at the bourses. The Stock Exchange had asked for a clarification from Balaji Telefilms about a report published in the Economic Times that said the Balaji Telefilms was in talks with a global firm to sell a 20 percent stake, and the deal valued Balaji’s digital business at Rs 1,900 crore.

In its response, Balaji Telefilm said that the company, during its normal course of business, keeps exploring various opportunities to enhance shareholder value, including fund raising opportunities. There are, however, no specific discussions/negotiations by the company regarding sale of its stake in the digital business subsidiary. The response says that Balaji Telefilms was cognizant of its regulatory responsibilities and would keep the Stock Exchanges informed in case of any specific developments.

The response further said that Balaji Telefilms was working towards getting the necessary approval(s) from its shareholders in the matter which was already informed to the Stock Exchanges in its Outcome of Board Meeting  letter date November 9, 2015, stating that the Board of Directors of the Company in its meeting held on November 9, 2015, had approved to raise funds not exceeding Rs 250 crore by way of QIP/GDR/ADR/FCCB/other securities linked to equity/preference shares/any security or instrument representing convertible securities and to increase the authorised share capital of the company  from Rs 20 crore to Rs 26 crore, subject to approval of shareholders.

Balaji Telefilm said that it had no comment to offer on the price movement mentioned by the Stock Exchange letter, as this was a function of the market.

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