ADAG open offer for Fame awaits Sebi's nod

Reliance MediaWorks today said its open offer to acquire an additional 52.72 per cent stake in multiplex operator Fame India has been delayed for want of market regulator Sebi's approval.

In February, the three Anil Ambani group firms -- Reliance MediaWorks, Reliance Capital and Reliance Capital Partners -- had announced an open offer to acquire 2.17 crore shares or 52.72 per cent stake in Fame at Rs 83.40 a share, aggregating to around Rs 180 crore.

In a filing to the Bombay Stock Exchange (BSE) Reliance MediaWorks said the schedule of activities would undergo changes as advised by the Sebi.

"The offer will now not open on April 1, 2010... The revised schedule of activities will be announced separately after receiving Sebi's approval," it said.

The open offer was originally scheduled to begin on April 1 and close on April 20.

Currently, the ADA Group companies hold 13.79 per cent stake in Fame.

The race for Fame heated up after Inox entered into an agreement with the promoters of Fame to acquire their 43.28 per cent stake for Rs 66.48 crore or at Rs 44/45 a share.

Within days, the ADAG companies announced an open offer to acquire 2.17 crore shares or 52.72 per cent stake in Fame at Rs 83.40 a share, which is at a hefty premium.