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Updated: July 7, 2010 15:42 IST

Reliance MediaWorks ups stake in Fame India to 15.77 percent

IANS
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BIG Cinemas, India’s largest cinema chain, a division of Reliance MediaWorks Ltd and a member of Reliance ADA Group, strengthened its global footprint with the reopening of ImaginAsian Theater as BIG Cinemas Manhattan in Midtown East, New York. File Photo.
The Hindu BIG Cinemas, India’s largest cinema chain, a division of Reliance MediaWorks Ltd and a member of Reliance ADA Group, strengthened its global footprint with the reopening of ImaginAsian Theater as BIG Cinemas Manhattan in Midtown East, New York. File Photo.

Reliance MediaWorks, the film and media services firm of the Anil Dhirubhai Ambani Group (ADAG), Wednesday said it has purchased an additional 0.05 percent stake in Fame India, raising its stake in the multiplex chain to 15.77 percent.

“Reliance Capital Partners, Reliance MediaWorks and Reliance Capital on July 06 have purchased 16,196 equity shares constituting 0.05% of the equity share capital of Fame India Ltd,” the company said in a regulatory statement to the Bombay Stock Exchange.

The shares were bought at an average price of Rs.83.11 per equity share through open market transactions on the stock exchanges.

Reliance MediaWorks, which operates BIG Cinemas, the country’s largest cinema chain, has been locked in a take-over tussle with Inox Leisure, another multiplex chain. Fame India’s promoters in February had sold their 43.28 percent stake to Inox at Rs.44 a share, far below the offer from Reliance MediaWorks of around Rs.80 per share.

Inox had also picked up a 7 percent equity stake in Fame through open market, taking its stake to 51 percent.

Reliance MediaWorks, had made a Rs.180 crore open offer to acquire Fame India shares at Rs.83.40 per share to raise its holding to 52.72 percent.

Inox Leisure also had made an offer for an additional 20 percent at Rs.51 per share.

On the Bombay Stock Exchange, the Fame India scrip was down 1.43 percent at Rs.82.50, from its previous close at Rs.83.70.

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