INOX Leisure hikes over 50% in Fame India

Multiplex operator INOX Leisure today raised holding in Fame India by 7.21 per cent to 50.49 per cent after buying shares worth Rs 12.72 crore of the latter through open market transaction.

The company has bought 25,07,537 shares, representing 7.21 per cent stake, in Fame India at Rs 50.75 a piece, totalling to Rs 12.72 crore, by way of a block deal, INOX Leisure said in a filing to the Bombay Stock Exchange.

The company further said that the "open offer to the shareholders of Fame India shall be made considering the aforesaid purchase."

Shares of Fame India reacted positively to the news and climbed nearly five per cent on BSE to hit year-high level of Rs 50.80.

On Wednesday, INOX Leisure had acquired 43.28 per cent stake in Fame India for Rs 66.48 crore and said that it would make open offer to acquire additional 20 per cent stake in the latter.

The acquisition that would create one of the India's largest multiplex networks with a combined strength of 55 multiplexes, 204 screens and a total seating capacity of 57,891 seats.

Meanwhile, shares of INOX Leisure were trading at Rs 72.45 on BSE, down 3.14 per cent from previous close.