ADAG hikes stake in Fame India to 15.28 per cent
07 Jun 2010
The battle for control of multiplex chain Fame India, heightened as Anil Ambani's Reliance MediaWorks (RMW) and two other associate firms saqid tha they had acquired an additional 0.25-per cent stake in Fame, taking their combined holding to 15.28 per cent.
RMW, Reliance Capital and Reliance Capital Partners, acquired 85,962 shares of Fame from the market on June 4, according to a today filing to the Bombay Stock Exchange (BSE) by Fame.
The three companies of ADAG bought the shares at an average price of Rs82.52 each, according to the filing.
RMW, which operates the group's multiplex chain under the BIG Cinemas brand, have now hiked up their stake in Fame from 15.03 per cent to 15.28 per cent.
On 3 February 2010, Inox Leisure Limited, operator of a chain of multiplexes across the country and a subsidiary Gujarat Flurochemicals, acquired 43.28 per cent in Fame India Ltd for Rs66.48 crore to become the largest owner of multiplexes in the country. (See: Inox becomes India's largest multiplex operator with Fame stake acquisition)
Mumbai-based Inox had bought the stake from the Shroff family-promoted Fame India (Fame), owner of the chain of Fame Multiplexes by acquiring 1,50,57,760 Fame India shares of Rs10 each in a block deal executed through the Bombay Stock Exchange.