Balaji Telefilms to invest upto Rs.60 crores in JV with Star TV

Balaji Telefilms Ltd has announced that the Board of Directors of the Company at its meeting held on April 19, 2007, has taken the following decisions:

Regional languages joint venture with the Star Group

With a view to enhance and diversify its business, approval was accorded for the Company to invest upto Rs 60 Crores for acquiring a 49% stake in a joint venture with the Star Group to create a television network of regional language general entertainment channels, including the existing business owned by Star of broadcasting a Tamil language channel as "Vijay" and being transferred to the joint venture but excluding Hindi.

The stock was trading at Rs.169.60, up by Rs.8.15 or 5.05%. The stock hit an intraday high of Rs.173 and low of Rs.164.90. The total traded quantity was 396787 compared to 2 week average of 601272.

Source : Equity Bulls

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