ADAG ups stake in Fame India to 15.88%

ADAG ups stake in Fame India to 15.88%

Mumbai: Anil Ambani group company Reliance MediaWorks on Tuesday said it along with two other group firms has purchased another 0.11% stake in Fame India, hiking their combined stake in the multiplex chain to 15.88%.

Three Anil Ambani Group companies -- Reliance MediaWorks, Reliance Capital and Reliance Capital Partners -- have acquired 37,359 shares, or 0.11% stake, of Fame India through open market transaction, Reliance MediaWorks said in a filing to the Bombay Stock Exchange (BSE).

The acquisition of shares was made on 19 July, multiplex chain Fame India said in a separate filing to BSE.

Post purchase, the combined holding of the ADAG companies in Fame India stands at 15.88%.

ADAG firms, on 6 July, had acquired 0.05% stake to increase its holding in Fame India to 15.77%.

ADAG firms purchased the shares at an average price of Rs83.28 a piece and the highest price paid was Rs83.40, the disclosure said.

Reliance MediaWorks, which is in competition with theatre chain Inox for acquiring majority stake in Fame India, had made a Rs180 crore open offer at Rs83.40 a share to raise its holding to 52.72% in Fame.

Inox Leisure Ltd, an entertainment venture of the Inox Group, holds 51% stake in Fame India and has made an open offer for an additional 20% at Rs51 per share.

Reliance MediaWorks operates BIG Cinemas, the country’s largest cinema chain.

Shares of Reliance Mediaworks were quoting at Rs221.90, up 0.61%, while Fame India was trading 0.60% up at Rs83.70 on BSE at 0934 hrs.

Meanwhile, the BSE 30-share benchmark Sensex was trading 0.35% up at 17,990.39.

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