Inox Leisure, Fame India rise on merger plans

Inox Leisure has rallied up to 10% at Rs 64.55, while Fame India has locked in upper circuit of 5% at Rs 47.70 on the BSE.

Inox Leisure and Fame India has moved higher by 5% each after the board of Inox Leisure approved scheme of amalgamation of Fame India and Fame Motion Pictures with the company.

Inox Leisure has rallied up to 10% at Rs 64.55 after opening at Rs 59 on the BSE. The counter has seen over ten-fold surge in trading volumes with a combined 1.68 million shares changed hands so far.

Fame India has locked in upper circuit of 5% at Rs 47.70 on the BSE. A total 10,437 shares have already changed hands on the counter so far and there are pending buy orders for 10,446 shares on the BSE and NSE.

“The board approved amalgamation of Fame India and its, existing subsidiaries viz, Fame Motion Pictures Limited, Big Picture Hospitality Services Private Limited and Headstrong Films Private Limited (HEPL) with the company,” Inox Leisure said in a filing.

“The equity shareholders of Fame India will get 5 fully paid-up equity shares for every 8 equity shares held, while HEPL shareholders will get one fully paid-up equity shares for every 74 equity shares held by them,” the company said.