Mumbai: Reliance Capital Partners has hiked its stake to 12.14% in Fame India, a day after another Adag company Reliance MediaWorks announced an open offer for a majority stake in the theatre chain.
Fame India in a disclosure to the National Stock Exchange on Monday said that Reliance Capital Partners has acquired 21.28 lakh shares, representing 6.12% stake, in Fame between 6-19 February.
Pursuant to the purchase, Reliance Capital Partners’ stake in Fame India has increased to 12.14%, up from 6.02% earlier.
On Sunday, an Adag firm Reliance MediaWorks announced an open offer to acquire 2.16 crore shares, or 62.08%, stake, in Fame at a price of Rs83.40 per share, countering an existing takeover bid by rival Inox Leisure.
Inox Leisure had recently signed an agreement to acquire 43.28% promoters’ stake in Fame India for Rs66.48 crore and earlier this month made an open offer to buy another 20% stake at a price of Rs51 per share.
Reliance MediaWorks had said that it would seek action against Fame for selling promoters’ stake in the theatre chain to Inox at a price much lower than it had offered earlier.
If the open offer gets fully subscribed, the Adag will hold 64.64% stake in Fame India.