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Rediff.com  » Business » ADAG firms up stake in Fame India

ADAG firms up stake in Fame India

June 07, 2010 11:10 IST

Reliance MediaWorks, along with two other ADAG firms, has acquired a further 0.25 per cent stake in Fame India, hiking their combined holding in the multiplex chain to 15.28 per cent.

Three entities of the Anil Dhirubhai Ambani Group (ADAG) -- Reliance MediaWorks, Reliance Capital and Reliance Capital Partners -- acquired 85,962 shares, or 0.25 per cent stake, of Fame through open market transactions.

The acquisition of shares were made on June 4, Fame India said in a filing to the Bombay Stock Exchange (BSE).

Post purchase, the combined holding of the ADAG companies in Fame stands at 15.28 per cent. ADAG firms purchased the shares at an average price of Rs 82.52 a piece and the highest price paid was Rs 83.40, the disclosure said.

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 stake in Fame 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 Reliance MediaWorks were quoting at Rs 177.85, down by 2.15 per cent, whereas Fame India was trading at Rs 83.20, up 0.30 per cent on the BSE.

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