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Wednesday, February 3, 2010

nox acquires Fame India's entire promoter stake

Theatre chain INOX Leisure Ltd has acquired the entire 43% stake of rival multiplex chain Fame India in a block deal of 1.51 Fame India shares on the Bombay Stock Exchange (BSE) at Rs 43.95.

Fame India touched an intraday high of Rs 46.10 and an intraday low of Rs 44. At 09:05 am, the share was quoting at Rs 46.10, up Rs 2.15, or 4.89%.

Confirming the buy, Deepak Asher, Director, INOX Leisure, said the company was looking forward to the advantages of the consolidation. However he added that fame would continue to remain a separate company. “We will make an open offer for Fame India in three to four days post which it will become a subsidiary.”

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