Balaji Telefilms Gains 4 Percent

Shares of Balaji Telefilms have recently advanced 4 percent as it has approved to sell stake to Reliance Industries (RIL). The company in its board meeting held on August 22, has approved the allotment of 2.52 crore equity shares at a price of Rs. 164 for a total consideration of Rs. 413.28 crore to RIL on preferential basis through a private placement. The company has got shareholders’ approval in the extraordinary general meeting held on August 16, 2017. Last month the RIL board approved to pick around 24.92 percent stake in the company by acquiring Rs. 2.52 crore shares for around Rs. 413 crore.