New Delhi – The key promoters of Balaji Telefilms, actor Jeetendra (Kapoor), his wife Shobha, daughter Ekta and son Tushar, have decided not to buy Star India’s 26 per cent stake in the television software company due to the sharp erosion in its share price. In August 2008, the Kapoors had agreed to buy the Star stake at Rs 190 per share by January 18, which would have raised their stake in Balaji Telefilms from 40 to 66 per cent. In the past few months, the Balaji Telefilms stock has fallen to less than a third. At Rs 190 apiece, the Kapoors need Rs 322 crore to buy the 26 per cent Star stake. As the current value of the stake is Rs 99 crore, the Kapoors has decided not to exercise the option. Star India had brought 26 per cent of the company in 2004 when it was making serials exclusively for Star’s general entertainment channels. Last year, the two decided to part ways and the Kapoors were given the opportunity to buy the Star stake.
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