ADAG firms hike stake in Fame India to 14.51 pc

ADAG firms hike stake in Fame India to 14.51 pc

Three entities of the Anil Dhirubhai Ambani Group (ADAG) -- Reliance MediaWorks, Reliance Capital and Reliance Capital Partners -- have acquired 8.24 lakh equity shares, or 2.37 per cent stake, of Fame through open market transactions.

The acquisition of shares were made between February 22 and May 20, Fame India said in a filing to the Bombay Stock Exchange (BSE) on Friday.

Post purchase, the combined holding of the ADAG companies in Fame now stands at 14.51 per cent.

Reliance MediaWorks, which is in competition with Inox for acquiring stake in Fame, has already made a Rs 180 crore open offer to buy 52.72 per cent stake in Fame at Rs 83.40 a share.

Inox holds 51 per cent stake in Fame and has made an open offer for an additional 20 per cent at Rs 51 per share.

Reliance MediaWorks operates BIG Cinemas, which is India's largest cinema chain.
Shares of Reliance MediaWorks were quoting at Rs 166.30, down 2.72 per cent, while Fame India was trading at Rs 82.25, up 0.37 per cent on the BSE.