Media Stock Hit Fresh 52W-High As Ekta Kapoor Picks Up Stake: Do You Own?

Balaji Telefilms' shares began trading on the BSE on Friday at Rs 127.71 a share. During the session, they surged to a new one-year high of Rs 132.29, recording a gain of 3,58%. Later, after Indian television producer Ekta Kapoor picked up a stake through a preferential offer, the stock closed with an upside gap of 0.97% at Rs 129.69.

The Board of Directors of Balaji Telefilms Limited at their meeting held on February 09, 2024 considered and approved the issue and allot a maximum of upto 2,38,83,930 warrants, each convertible into or exchangeable for 1 fully paid-up equity share of the company of face value of Rs. 2/- each to the "'proposed allottees" by way of preferential issue at a price of Rs. 89.60/- for an aggregate amount of upto Rs. 214,00,00,128.

Among the proposed allottees, Ekta Kapoor as a promoter of the company has been allocated 50,00,000 warrants for an amount of Rs 44,80,00,000. As per the pre -- preferential shareholding data, Ekta Kapoor held 1,84,33,254 shares or 18.23% stake in the company however post - preferential, her shareholding goes up to 2,34,33,254 shares or 18.74% stake in Balaji Telefilms.

The Board also approved the appointment of Mr. Ashutosh Khanna (DIN: 03153990) as an additional director (Non-Executive Independent Director) for a term of 5 consecutive years from February 9, 2024, subject to the approval of the members of the company.

The planned merger of Balaji Telefilms Limited with wholly owned subsidiaries of the company, ALT Digital Media Entertainment Limited and Marinating Films Private Limited was also approved by the Board of Directors.

One of Dalal Street's multibagger stocks is Balaji Telefilms, which has risen 172.52% in a year and 73.75% year-to-date. The stock has produced a multibagger return of 146.97% during the previous six months as well.

Commenting on the share price outlook, AR Ramachandran from Tips2trades said, "Balaji Telefilms is bullish but very overbought on the Daily charts with next resistance at 141. Investors should book profits at current levels as a Daily close below support of 119 could lead to a target of 98 in the near term. "