Home >> Media-TV >> Article

Star to have 2 directors on Balaji board

20-August-2004
Font Size   16
Star to have 2 directors on Balaji board

The Star group, which has agreed to acquire a 25 per cent stake in Balaji Telefilms through a preferential issue, will appoint two directors on the board of the software production company.

Asian Broadcasting FZ-LLC, an affiliate of the Star group, yesterday said it will subscribe to 17.26 million fresh shares, representing a 25.1 per cent stake of the expanded equity capital of Balaji Telefilms, for Rs 90 a piece.

The total investment is pegged at Rs 155 crore.

A source in Sony Entertainment Television said its relationship with Balaji Telefilms will continue unless the management control of the company is changed.

“We will have a relook at our strategy if the ownership of the company changes,” the source said. Sony Entertainment Television now shows two Balaji serials—Koi Dil Mein Hain and Kkusum.

Sources in Balaji Telefilms said the representation of the Star group would expand the size of the company’s board to eight.

Now the Balaji Telefilms board comprises Jeetendra Kapoor, Shobha Kapoor, Ekta Kapoor, Raj Bothra, Akshay Chudasama and Dhruv Kaji.

A Star group spokesperson told Business Standard from Hong Kong that the funds being infused through acquisition of preferential shares would enable Balaji Telefilms to grow faster.

She added the management as well as operational control would continue to be with the promoters of Balaji Telefilms. “The Star will be a strategic investor in the company. It has no plans to increase its stake in the company,” she added.

The price of the preferential issue has failed to cheer the market.

The Balaji Telefilms stock closed at Rs 88.35 today, a 4.21 per cent lower than its overnight close. It opened at Rs 92.15, scaled an intra-day high of Rs 97. The intra-day low was Rs 87.75.

Balaji Telefilms is one of the key content providers to Rupert Murdoch’s Star group flagship channel in India— Star Plus. The deal, according to analysts, could be viewed as a backward integration move by Star to consolidate its position in India.

Star Plus is currently the leader in the India cable and satellite industry with maximum viewership. The distant number two player is Sony Entertainment Television followed by Zee TV.

As on June 30, the promoters held 52.94 per cent stake in Balaji Telefilms.

Foreign institutional investors held 23.79 per cent stake, while the combined holding of mutual funds and UTI was 1.15 per cent. Private corporate bodies held 7.46 per cent, while 13.43 per cent was widely held by the public. Non-resident Indians hold 0.25 per cent stake.

Tags

Varun Raina, Marketing Manager, Airbnb India speaks to exchange4media about the successful #LiveThere campaign and how Bollywood helps them connect with its young consumer

Tim Castree is all praises for his team in India and trusts it to be a result of “an excellent execution of agency’s global strategy” headed by Kartik Sharma

Siddharth Dabhade says Criteo’s technology allows brands to engage with shoppers, create relevant experience on retail apps, thereby driving sales and profits

Shantanu Gangane says OTT platform Viu plans around 20+ originals and is all set to enter the Tamil market with a mix of syndicated and original content

right
left
OFF THE CUFF HAS JOURNALIST ARUN SHOURIE IN CONVERSATION WITH SHEKHAR GUPTA IN MUMBAI IAA HOSTS FIRST INDIAA REGIONAL AWARDS (TELUGU) IN HYDERABAD BREAK THE CEILING TOUCH THE SKY 2018 SEES OVERWHELMING INDUSTRY PARTICIPATION 10TH EDITION OF ABC EUREKA AWARDS IN MUMBAI CELEBRATES WORK OF PARTNER AGENCIES EMINENT JURY PICKS LOUDEST’S 100 MOST POWERFUL INDIAN MUSIC BUSINESS LEADERS MODE LOFT BY SABGROUP LAUNCHES SIGNATURE MENSWEAR POWER DRESSING CLOTHING LINE TOP MARKETERS DISCUSS ART AND SCIENCE OF EFFECTIVE LISTENING @PITCH CMO SUMMIT 2018, DELHI THIRD SEASON OF ‘INDIA’S TOP DIGITAL PLANNERS’ RECOGNIZES EXCELLENCE IN THE DIGITAL INDUSTRY WOMEN ECONOMIC FORUM 2018 SEES DISTINGUISHED GLOBAL PERSONALITIES IN ATTENDANCE PEPPER CREATIVE AWARDS 2018 RECOGNIZE THE BEST IN ADVERTISING IN SOUTH INDIA RADIO CITY’S POWER OF RADIO MEET HOSTS TOP ADVERTISING INDUSTRY LEADERS TOP INDUSTRY PERSONALITIES ATTEND ZOOM-MYNTRA EVENING TO CELEBRATE THEIR PARTNERSHIP LEADING MARKETERS, EXPERTS SHARE INSIGHTS ON DIGITAL TRANSFORMATION @ADOBE SYMPOSIUM IN MUMBAI NICKELODEON TRADE PARTY SEES MARKETING INDUSTRY LEADERS AND THEIR FAMILIES IN ATTENDANCE GOLDEN MIKES RADIO ADVERTISING AWARDS 2018 RECOGNIZE INDUSTRY’S MOST DESERVING ACHIEVERS AIMA MANAGING INDIA AWARDS HONOUR THE BEST IN THE INDUSTRY BW BUSINESSWORLD’S GREAT INDIA DEBATE BRINGS TOGETHER INTELLECTUALS ACROSS INDUSTRY SECTORS BW BUSINESSWORLD SMART CITIES CONCLAVE PATNA 2018 SEES EMINENT INDUSTRY LEADERS IN ATTENDANCE EMINENT JURY PICKS WINNERS OF GOLDEN MIKES RADIO ADVERTISING AWARDS MADDYS 2018 SEE TOP ADVERTISING AND MARKETING INDUSTRY LEADERS IN ATTENDANCE

The ‘Effortless Style Gets Sportier!’ campaign focusses on the evolution of the existing communication of the product- ‘Effortlessly Stylish’ and fortifies it with the addition of a new flavor – ‘spor...

A social media campaign titled ‘Cricket with Rannvijay’ called out to cricket fans of Kolkata, challenging them to play better than Rannvijay and get an opportunity to enjoy Pizza Hut pan pizzas with...

In his free time, the marketing head of Škoda Auto India also loves to read and walk in the by-lanes of Bandra