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Monday, March 8, 2010

Reliance MediaWorks ups open offer for Fame

Reliance MediaWorks said today 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 Rs 83.40 a share, 63.5 per cent higher than an offer by Inox Leisure for 20 per cent equity at Rs 51 a share. Inox already holds 50.48 per cent in Fame.

The company said 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 February 21.

Since the announcement, the company has raised its stake in Fame to 13.79 per cent from 11.82 per cent.

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