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Following Reliance MediaWorks' open offer to buy 52.48% stake, another ADA group company has increased its stake in Fame India to 12.14% from 6%
Reliance Capital Partners has hiked its stake to 12.14% in Fame India, a day after another Anil Dhirubhai Ambani Group (ADAG) company Reliance MediaWorks announced an open offer for a majority stake in the theatre chain, reports PTI.
Fame India in a disclosure to the National Stock Exchange (NSE) on Monday said that Reliance Capital Partners has acquired 21.28 lakh shares, representing 6.12% stake, in Fame between 6th and 19th February 2010.
Pursuant to the purchase, Reliance Capital Partners' stake in Fame India has increased to 12.14%, up from 6.02% earlier.
Yesterday, ADAG company Reliance MediaWorks announced an open offer to acquire 2.16 crore shares, or 52.48% stake, in Fame at Rs83.40 per share, countering an existing takeover bid by rival Inox Leisure.
Inox Leisure had recently signed an agreement to acquire 43.28% promoters' stake in Fame India for Rs66.48 crore and earlier this month made an open offer to buy another 20% stake at Rs51 per share.
Reliance MediaWorks had said that it would seek action against Fame for selling promoters' stake in the theatre chain to Inox at a price much lower than it had offered earlier. If the open offer gets fully subscribed, ADAG will hold 64.64% stake in Fame India.