MUMBAI: Multiplex chain Inox Leisure has made an open offer to buy up to 20 per cent of the shares of Fame India for Rs 51 a share. This comes a day after the company acquired an additional 7.21 per cent stake in Fame India at Rs 50.75 per share.

Inox had initially bought a 43.3 per cent stake in Fame, which was held by the promoter Shyam Shroff and his family at Rs 44.09 a share.

The offer for 8.23 million shares (20 per cent) opens on 1 April and closes 20 April. Inox will be investing Rs 419.82 million (Rs 41.98 crore) for the 20 per cent open offer subscription. In all, the company has invested Rs 792.5 million (Rs 79.23 crore) in the acquisition.

The company believes that the multiplex business offers significant potential for growth and intends to become a market leader in this business pursuant to the proposed transaction.