ADAG buys 24,642 fresh shares of Fame India | business | Hindustan Times
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ADAG buys 24,642 fresh shares of Fame India

business Updated: Aug 10, 2010 21:36 IST
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Anil Ambani group company Reliance MediaWorks on Tuesday said it, along with two other group firms, has acquired 24,642 fresh equity shares of multiplex chain operator Fame India.

The three Anil Ambani group companies -- Reliance Capital Partners, Reliance MediaWorks and Reliance Capital -- have acquired 24,642 fresh shares of Fame India, amounting to a 0.07 per cent stake, through open market transactions, Reliance MediaWorks said in a filing to the Bombay Stock Exchange.

The acquisition of shares was made on August 6, the filing added.

Following the fresh share purchase, the combined holding of the ADAG companies in Fame India stands at 15.88 per cent.

The ADAG firms purchased the shares at an average price of Rs 83.06 a piece and the highest price paid was Rs 83.40, it said.

Reliance MediaWorks, which is in competition with theatre chain Inox for acquiring a majority stake in Fame India, had made a Rs 180 crore open offer at Rs 83.40 a share to raise its holding to 52.72 per cent in Fame.

Inox Leisure Ltd, an entertainment venture of the Inox Group, holds a 51 per cent stake in Fame India and has made an open offer to acquire 20 per cent additional equity at Rs 51 per share.

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

Shares of Reliance MediaWorks closed at Rs 205.70, down 1.11 per cent, while Fame India ended at Rs 82.05, down 1.80 per cent, on the BSE on Tuesday.