Fame India appoints Kishore Biyani as director

Multiplex operator Fame India today said it has appointed Future Group Chairman Kishore Biyani as an independent director on the board of the company.

The board of directors at their meeting held on February 28 also approved to take note of the public announcements made by Inox Leisure and Reliance Mediaworks, Fame India said in a filing to the Bombay Stock Exchange.

Last month, another multiplex operator INOX Leisure had announced acquisition of a 43.28 per cent stake in Fame India, besides making an open offer for an additional 20 per cent stake.

Following INOX's announcement, three Anil Ambani group firms -- Reliance MediaWorks, Reliance Capital Partners and Reliance Capital also jumped into the race.

Countering the bid by rival Inox Leisure, the three firms announced an open offer for a 52.48 per cent stake in Fame at Rs 83 per share.

The board has also approved the appointment of Pavan Jain and Deepak Asher as directors of the company.

Further, it would also take note of the resignation of Balkrishna Shroff from directorship.

Post the above appointments and resignation, the strength of the board of directors of the company is nine, out of which five are independent directors.

Shares of Fame India were trading at Rs 86.90 on the BSE, up 4.95 per cent from previous close.