star network exits balaji's stake

Star Network has offloaded its entire stake of 25.99 percent stake in Balaji Telefilm via block deal on Metropolitan Exchange of India (MSEI). The deal was done at a discount, with an average price Rs 63.60 per share. Shares of the Ekta Kapoor-helmed media company rallied 20 percent intraday on Wednesday. It is learnt that promoters Ekta Kapoor and Shobha Kapoor are among buyers. Group CEO Sameer Nair is also one of the buyers while others include Anuj Muchhala, Rishi Finstock and Enam. The love affair between Rupert Murdoch-controlled Star India had gone sour in 2008 itself when the broadcaster was scouting for an exit route. Earlier in August 2004, Star Network had bought 21 percent stake in Balaji Telefilms from the promoters at Rs 90 per share. Star, subsequently increased stake to 25.9 percent after an open offer. Star and Ekta Kapoor's company also enjoyed content exclusivity which was later scrapped. Dwindling ratings of Balaji serials also effected relationship between both the companies. The soap factory has produced 15,000 hours of television content. Shows currently on air are Yeh Hai Mohabbatein (Star Plus), Jodha Akbar, Pavitra Rishta, Kum Kum Bhagya (Zee TV), Bade Ache Lagte Hai (Sony TV), Meri Aashiqui Tum Se Hi (Colors), Pavitra Bandhan (Doordarshan), Gumraah (Life Ok , Channel V India) and Webbed (MTV).

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