Inox Leisure hikes stake in Fame India to 50.48%

MUMBAI: Further to acquiring a 43.28% stake in Fame for Rs 664 million earlier this week, Inox Leisure has now purchased an additional 25,07,537 equity shares of Rs 10 each of Fame India for Rs 127.70 million (Rs 12.77 crores).

This represents 7.21 per cent of the total paid-up capital of Fame India,which now takes Inox Leisure’s stake in the company to 50.48 per cent. This investment for the additional stake, takes the total investment by Inox till date in acquiring 50.49% stake in Fame to Rs 792.50 million (Rs 79.25 crore). The additional stake has also been funded to INOX by its parent company Gujarat Fluorochemicals Ltd. (GFL).

The shares have been bought at a consideration of Rs. 50.75 per share, by way of a block deal. An Open Offer for an additional 20% stake in Fame to the Shareholders of Fame India in accordance with SEBI Regulations will follow.

Inox Group of Companies director Deepak Asher said, "This additional acquisition has been in pursuance of our objective to consolidate our stake in Fame. The Open Offer to the shareholders of Fame India Limited, in accordance with SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997, shall be made considering this additional purchase."

The combined strength of Inox and Fame totals to 55 multiplexes, 204 screens and a total seating capacity of 57888 seats.