ADAG increases stake in Fame India to 15.77 pc | business | Hindustan Times
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ADAG increases stake in Fame India to 15.77 pc

business Updated: Jul 07, 2010 12:12 IST
Reliance MediaWorks

Anil Ambani group company Reliance MediaWorks on Wednesday said it along with two other group firms has further purchased 0.05 per cent stake in Fame India, hiking their combined stake in the multiplex chain to 15.77 per cent.

Three Anil Ambani Group (ADAG) companies -- Reliance MediaWorks, Reliance Capital and Reliance Capital Partners --have acquired 16,196 shares, or 0.05 per cent 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 July 6, 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 15.77 per cent.

ADAG firms, on June 30, had acquired 0.03 per cent stake to increase its holding in Fame India to 15.72 per cent.

ADAG firms purchased the shares at an average price of Rs 83.11 a piece and the highest price paid was Rs 83.35, the disclosure said.

Reliance MediaWorks, which is in competition with theatre chain Inox for acquiring 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, a venture of the Inox Group in entertainment, holds 51 per cent stake in Fame India and has made an open offer for an additional 20 per cent at Rs 51 per share.

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

Shares of both the companies Reliance Mediaworks and Fame India were trading in the negative terrain. Reliance MediaWorks was down 0.47 per cent at Rs 224.50, while Fame India was trading 1.43 per cent down at Rs 82.50 on BSE at 0959 hrs.