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ADAG firms hike stake in Fame India to 14.34%

ADAG firms hike stake in Fame India to 14.34%
PTI
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First Published: Thu, May 20 2010. 12 52 PM IST
Updated: Thu, May 20 2010. 12 52 PM IST
Mumbai: Reliance MediaWorks on Thursday said it has acquired an additional 1.89 lakh shares of Fame India along with two other group firms, taking the total stake in the multiplex chain to 14.34%.
Three entities of the Anil Dhirubhai Ambani Group -- Reliance MediaWorks, Reliance Capital and Reliance Capital Partners --have acquired 1.89 lakh equity shares, or 0.54% stake, of Fame at an average price of Rs78.33.
The acquisition of shares were made through open market transactions on 19 May, Reliance MediaWorks said in a filing to the Bombay Stock Exchange.
After the latest purchase, ADAG companies now hold 14.34% stake in Fame.
Reliance MediaWorks, which is in competition with Inox for acquiring a stake in Fame, has already made a Rs180 crore open offer to buy 52.72% stake in Fame at Rs83.40 a share.
Inox holds 51% in Fame India and has made an open offer for an additional 20% at Rs51 per share.
Reliance MediaWorks operates BIG Cinemas, India’s largest cinema chain.
Shares of Reliance MediaWorks were quoting at Rs175.15, up 1.45% on the BSE, while Fame India was trading at Rs80, higher by 2.37%.
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First Published: Thu, May 20 2010. 12 52 PM IST