Balaji Telefilms promoters to buy Star's stake

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Balaji Telefilms
New Delhi, Aug 19: Balaji Telefilms Ltd said its promoters have decided to terminate the share sale and joint venture agreements with Rupert Murdoch's Star Group. In August 2004, Star had acquired a 25.99 per cent stake in Balaji Telefilms through Asian Broadcasting FZ LLC (ABF).

The company has also terminated the agreements which inked last year with Star group relating to the regional languages joint ventures. The company's Board has approved the moves. The promoters of the company -- Jeetendra Kapoor, Shobha Kapoor, Ekta Kapoor and Tusshar Kapoor -- are now entitled to acquire the entire shareholding held by ABF in the company at an average price of Rs 190 per share within 240 days, the company said in a statement.

If the purchase does not take place within the prescribed period, ABF is entitled to sell its shares in the company to any person other than a competitor, it added.

UNI

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