ADAG firm hikes stake in Fame India

The Anil Dhirubhai Ambani Group (ADAG) firm Reliance Capital Partners has hiked its stake in Fame India, which was bought over by Inox Leisure last week, by nearly 2 per cent through open market purchase, taking its stake in the cineplex operator to 8.13 per cent.

Through a bulk deal on the National Stock Exchange, Reliance Capital Partners (RCP) today bought 5.71 lakh shares or 1.64 per cent stake in Fame for over Rs 3.37 crore. That apart, it has also acquired an additional 0.24 per cent, said an RCP spokesperson, but did not disclose acquisition price.

The two buys take RCP stake in Fame to 8.13 per cent from 6.25 per cent earlier. It can be noted that RCP had just 1.45 per cent stake in Fame on February 3, but since then it has been buying Fames shares every day from open market.

Meanwhile, another of ADAG firm Reliance MediaWorks said its offer to acquire a majority stake in Fame India was better than the rival bid by Inox Leisure.

Last week, Inox Leisure acquired 43.28 per cent promoter's holding in Fame for Rs 66.48 crore and another 7 per cent from open market, taking its stake in Fame to 50 per cent. It has now made an open offer to acquire an additional 20 per cent at Rs 51 a share as per to meet the Sebi takeover norms. The open offer starts on April 1. However, Reliance MediaWorks said it had offered Rs 80 a share, almost double the price at which Inox had acquired the promoter stake in Fame.

Meanwhile, Reliance MediaWorks today said it would seek action from regulators against Fame's decision to sell its stake to Inox for far less than the offer.

Shares of Fame India closed at Rs 58.70, up 4.92 per cent over previous close on the BSE.