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Thursday, May 20, 2010

ADAG firms hike stake in Fame India to 14%

Reliance MediaWorks today said it has acquired an additional 1.89 lakh shares of Fame India along with two other group firms, taking the total stake in the multiplex chain to 14.34 per cent.

Three entities of the Anil Dhirubhai Ambani Group-- Reliance MediaWorks, Reliance Capital and Reliance Capital Partners --have acquired 1.89 lakh equity shares, or 0.54 per cent stake, of Fame at an average price of Rs 78.33.

The acquisition of shares were made through open market transactions on May 19, Reliance MediaWorks said in a filing to the Bombay Stock Exchange.

After the latest purchase, ADAG companies now hold 14.34 per cent stake in Fame.

Reliance MediaWorks, which is in competition with Inox for acquiring a stake in Fame, has already made a Rs 180-crore open offer to buy 52.72 per cent stake in Fame at Rs 83.40 a share.

Inox holds 51 per cent 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, India's largest cinema chain.

Shares of Reliance MediaWorks were quoting at Rs 175.15, up 1.45 per cent on the BSE, while Fame India was trading at Rs 80, higher by 2.37 per cent.

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