Financial Daily from THE HINDU group of publications
Thursday, Aug 26, 2004
Financial Daily from THE HINDU group of publications Thursday, Aug 26, 2004 |
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Corporate
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Open Offers Asian Broadcasting to make open offer for Balaji Telefilms Our Bureau
Mumbai , Aug. 25 ASIAN Broadcasting FZ-LLC, an affiliate of the Star Group, is making an open offer to the shareholders of Balaji Telefilms Ltd to acquire up to 1.3 crore shares, amounting to 20 per cent stake, for a price of Rs 90 each. Last week, Asian Broadcasting acquired 25.1 per cent stake in Balaji Telefilms through a preferential allotment comprising shares and warrants: 21 per cent in shares and 4.1 per cent in warrants convertible into shares. The shares were acquired at Rs 90 per share. The warrants will be convertible into equity shares for a period of 18 months from the date of the issue only if the investor's shareholding at the time of conversion is less than 26 per cent of the total paid-up equity share capital of the company. The date of the open offer is September 17. The offer opens on October 18 and closes on November 16. For the quarter ending June 2004, the promoters' holding in Balaji Tele stood at 52.92 per cent while FIIs held 21.58 per cent. Post-allotment, the promoters' holding will come down to 3.59 per cent.
More Stories on : Open Offers | Radio/TV | Mergers & Acquisitions
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