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Reliance MediaWorks to buy more shares in open offer

Reliance MediaWorks to buy more shares in open offer
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First Published: Mon, Mar 08 2010. 02 49 PM IST
Updated: Mon, Mar 08 2010. 02 49 PM IST
New Delhi: Reliance MediaWorks on Monday said it raised its open offer for cinema chain Fame India by 100,000 shares to meet a regulatory requirement.
Reliance MediaWorks had in February made a competitive bid for a majority stake in Fame at Rs83.40 a share, 63.5% higher than an offer by Inox Leisure for 20% equity at Rs51 a share. Inox already holds 50.48% in Fame.
The company said on Monday that it will make an open offer for 21.7 million shares, not 21.6 million shares that it had announced earlier.
Reliance MediaWorks increased its offer size after it reported that it held about 100,000 shares less than what it had said in its previous public offer announcement on 21 February. Since the announcement, the company has raised its stake in Fame to 13.79% from 11.82%.
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First Published: Mon, Mar 08 2010. 02 49 PM IST