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However, six existing shows produced by Balaji and currently on air with 'Star Plus', would continue on terms mutually agreed upon by the two parties.
As per an agreement reached between concerned parties and approved by Balaji Telefilms' board, the promoters of the Indian company would be allowed to buy back 25.99 per cent stake from Asian Broadcasting FZ-LLC (ABF), an associate of Star Group, within eight months, failing which these shares could be sold to any non-competing entity.
Pursuant to the agreement, Balaji promoters are entitled to purchase the entire shareholding held by ABF in the company for an average price of Rs 190 per share, within a period not exceeding 240 days.
At the agreed price of Rs 190 per share, which represents a premium of 9.8 per cent over the current market price, ABF's holding would be worth Rs 3,220 million.
Besides, Balaji and Star have also agreed to terminate another regional languages joint venture agreement signed in April 2007, the company said in a filing to the BSE.
The content supply agreements with Star for various shows produced by the company would also be modified to remove the restrictions imposed upon Balaji relating to exclusivity on certain prime time slots.
(PTI)
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