ADAG firms up stake in Fame to 15.34%

Anil Ambani group company Reliance MediaWorks today said it along with two other group firms has purchased another 0.06 per cent stake in Fame India, hiking their combined stake in the multiplex chain to 15.34 per cent.

Three entities of the Anil Dhirubhai Ambani Group (ADAG) -- Reliance MediaWorks, Reliance Capital and Reliance Capital Partners -- acquired 19,792 shares, or 0.06 per cent stake, of Fame India through open market transactions.

The acquisition of shares was made on June 11, multiplex chain Fame India said in a filing to the Bombay Stock Exchange today.

Post purchase, the combined holding of the ADAG companies in Fame India stands at 15.34 per cent.

ADAG firms purchased shares at an average price of Rs 82.46 a piece and the highest price paid was Rs 83.25, the disclosure said.

ADAG firms, on June 7, had acquired a 0.25 per cent stake to raise holding in Fame India to 15.28 per cent.

Reliance MediaWorks, which is in competition with theatre chain Inox for acquiring majority stake in Fame India, has made a Rs 180-crore open offer at Rs 83.40 a share to raise its holding to 52.72 per cent in Fame.

Inox holds 51 per cent stake in Fame India 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 188.25 on BSE, up by 4.01 per cent, whereas Fame India was trading at Rs 82.05, down 1.32 per cent on BSE in late morning trade.