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Exit route from Balaji?

Nov 22, 2000

Balaji Telefilms, the television software company floated by film star Jeetendra, has announced the takeover of the content subsidiary of the Kerry Packer owned Channel Nine. The latter runs two hours of programming for the state broadcaster Doordarshan’s Metro Channel. The swap ratio has been fixed at 65 shares of Balaji Telefilms for every 200 shares of Nine Network. At present, Balaji produces television software for major channels being aired in the country which include Doordarshan, Zee TV, Sony TV, Star TV, Sun TV, Gemini TV and Udaya TV. It is providing 30 hours of television software per week. Some of the popular serials being aired include ‘Hum Paanch’, ‘Ghar Ek Mandir’, ‘Bandhan’, catering to the Hindi speaking audience and 'Pavitra Bandham', ‘Kulaa Villaakku’, in regional languages.

Interestingly, the deal has been done by Triumph International (owned by Mr. Ketan Parekh), one of the lead managers to the issue (the other being JM Morgan Stanley). And the timing of the announcement of the deal is even more interesting: the stock has just been listed at Rs 170 (offer price: Rs 135). Ironically, the issue was over subscribed only 1.06 times and all the allotments made were firm allotments.

Has the announcement being made to provide an exit route to the lead manager, who, as per press reports, holds 4% of Balaji's equity?

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