ADAG increases stake in Fame India to 15.88%

Anil Ambani group company Reliance MediaWorks today said it along with two other group firms has purchased another 0.11 per cent stake in Fame India, hiking their combined stake in the multiplex chain to 15.88 per cent.

Three Anil Ambani Group (ADAG) companies -- Reliance MediaWorks, Reliance Capital and Reliance Capital Partners -- have acquired 37,359 shares, or 0.11 per cent stake, of Fame India through open market transaction, Reliance MediaWorks said in a filing to the Bombay Stock Exchange (BSE).

The acquisition of shares was made on July 19, multiplex chain Fame India said in a separate filing to BSE.

Post purchase, the combined holding of the ADAG companies in Fame India stands at 15.88 per cent.

ADAG firms, on July 6, had acquired 0.05 per cent stake to increase its holding in Fame India to 15.77 per cent.

ADAG firms purchased the shares at an average price of Rs 83.28 a piece and the highest price paid was Rs 83.40, the disclosure said.

Reliance MediaWorks, which is in competition with theatre chain Inox for acquiring majority stake in Fame India, had 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 Leisure Ltd, an entertainment venture of the Inox Group, 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 221.90, up 0.61 per cent, while Fame India was trading 0.60 per cent up at Rs 83.70 on BSE at 0934 hrs.

Meanwhile, the 30-share benchmark Sensex was trading 0.35 per cent up at Rs 17,990.39.