Reliance companies hike stake in Fame India to 14.34 per cent

MUMBAI: Reliance Anil Dhirubhai Ambani Group (R-ADAG) company Reliance MediaWorks has acquired an additional 1.89 lakh shares of multiplex chain Fame India along with two other group firms, taking the total stake in the multiplex chain to 14.34 per cent.

R-ADAG’s three entities namely Reliance MediaWorks, Reliance Capital and Reliance Capital Partners have acquired 1.89 lakh equity shares, or 0.54 per cent stake, of Fame at an average price of Rs 78.33.

The acquisition of shares were made through open market transactions on 19 May.

Inox Leisure and Reliance have been in the fray to acquire a stake in Fame India. The latter has already made an open offer of Rs 1.80 billion (Rs 180 crore) to buy 52.72 per cent stake in Fame at Rs 83.40 per share.

The Reliance group’s multiplex chain under the brand name BIG Cinemas operates 253 screens across India. On the other hand, Inox Leisure has 33 multiplexes and 123 screens in 23 cities across India.