Balaji Telefilms shares surged as much as 14.25 per cent to hit intraday high of Rs 103 after its board approved demerger of its film production unit Balaji Motion Pictures and amalgamation of Bolt Media.
"The demerger of the film production undertaking of Balaji Motion Pictures into Balaji Telefilms will enable consolidation of the film production business of Balaji Motion Pictures with Balaji Telefilms," the company said.
"Bolt Media is in a similar line of business as Balaji Telefilms and its amalgamation will help in focused and effective utilization of the production activities," added the company.
The streamlining of the group structure will not affect the share capital of Balaji Telefilms as both entities are wholly owned subsidiaries of the company.
Balaji Telefilms is engaged in production of movies and television shows. The company has produced famous Bollywood films like Ek Villan, Once Upon A Time In Mumbai and Looters.
Balaji Telefilms reported net profit of Rs 66 lakhs in June quarter on sales of Rs 117.38 crore.
Balaji Telefilms ended 9.65 per cent higher at Rs 98.85.
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