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Star Group affiliate Asian Broadcasting FZ LLC is to make an open offer to the shareholders of Balaji Telefilms Ltd for acquiring a 20 per cent stake in the latter at a price of Rs 90 per share aggregating over Rs 117 crore (Rs 1.17 billion) payable in cash.
ABF is making an offer to the BTL shareholders to acquire up to 13,042,089 fully paid-up equity shares of Rs two each, representing 20 per cent of the post issue equity capital, manager to the offer DSP Merill Lynch informed the Bombay Stock Exchange.
The offer opens on October 18 and closes on November 16, it said.
No other person is acting in concert with the ABF for the offer, it said, adding the offer was not conditional on any minimum level of acceptance by the shareholders.
Last week, film actor Jeetendra Kapoor-promoted Balaji Telefilms films had announced issuance of equity shares and convertible warrants representing 25.1 per cent of the post-issue capital to ABF.