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Balaji Telefilms confirms reviewing its merger plans with Nine Networks

04-May-2001
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Balaji Telefilms confirms reviewing its merger plans with Nine Networks

Balaji Telefilms confirmed that it was reviewing its merger with Nine Network Entertainment India due to the recent developments in the stock market involving broker Ketan Parekh and HFCL in the crisis. Balaji has informed this to the National Stock Exchange.

The merger between Nine Network Entertainment India, and Balaji Telefilms has already delayed by about three months. The delay in the merger has raised speculation among corporate circles that the merger might be put off in the changed environment.

Balaji Telefilms had announced merger in November 2000 on a swap ration of 65:200. The Jeetendra Kapoor family holds 70 per cent stake, Ketan Parekh and associates about 4.5 per cent and public hold balance.

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