SEBI clears open offers by Inox, Rel Mediaworks for Fame
Market regulator SEBI has cleared open offers by both Inox Leisure and Reliance Mediaworks for multiplex operator Fame India Ltd.
The nod came after about eight months wait since Inox Leisure and Anil Ambani Group company Reliance Mediaworks made these offers way back in February 2010.
Inox and R-MediaWorks are embroiled in tough fight to control Fame India. Inox has chain of multiplexes across India and holds around 50.2 per cent stake in Fame India.
Inox had announced its offer at a price of Rs 51 per share, while offer by R-MediaWorks, which holds 16 per cent stake in Fame via Reliance Capital, was at a price of Rs 83 per share.
The takeover code of SEBI mandates that any entity owning more than 15 per cent in a company has to make a mandatory open offer for at least additional 20 per cent stake.
Shares of Fame India today closed 1.50 per cent higher at Rs 81.40 apiece on the Bombay Stock Exchange.
