The 62-year-old actor complained of chest pain at his house in Kalampalayam and was immediately rushed to a nearby private hospital.
Sathyaraj-starrrer 'Annanagar First street' and Vijayakant-starrer 'Nane Raja Naane Mantri,' were some of his hit films. The actor has appeared in several films like Pistha, Anbe Sivam, Anna Nagar Mudhal Theru among others.
He is survived by his wife, son and a daughter.
Balu has acted in some 100 films and directed a few Tamil movies.
His mortal remains have been kept for public and others to pay their last homage at his home in Kalampalayam, Coimbatore. The funeral will take place around 3 PM today, according to reports.
(With inputs from agencies)