Cinemax India is trading higher by 7% to Rs 126, extending its over 50% rally in past five trading days on report of a possible takeover attempt by one of its rival multiplex chain.
The stock has surged 63% since October 29, after Reliance Media & Entertainment Fund had acquired 158,097 Cinemax shares for Rs 1.22 crore.
On Monday, November 5, the company has clarified on the news item and said that “Company is not aware of any stake sale/takeover to/by any other multiplex chain.”
“The company have also checked with the promoters of the company and have been informed that there is no transaction that has been executed in relation to stake sale,” it added.
The stock opened at Rs 115 and hit a low of Rs 113 on the BSE. As many as combined 1.12 million shares have changed hands on the counter till early noon deals against an average 0.52 million shares that were traded daily in past two weeks.