Multiplex operator Inox Leisure Ltd today said its board has given in-principle approval for the merger of Fame India Ltd and other arms with itself.
In a filing ot the BSE, Inox said its board at a meeting held today has given "in-principle approval for the proposed merger of Fame India Ltd, subsidiary of the company along with its subsidiaries namely, Fame Motion Pictures Ltd, Big Pictures Hospitality Services Private Ltd and Headstrong Films Private Ltd, with the company".
In a separate filing, Fame India also said its board has 'in-principle' approved the proposed merger with its holding company, Inox Leisure Ltd.
Inox Leisure said its board has also authorised Pavan Jain and Deepak Asher, both directors of the company, to appoint relevant experts, consultants or merchant bankers for conducting the necessary valuation of shares to determine the share exchange ratio, it added.
The consultants will also provide a fair opinion, draft the scheme of merger and take all other necessary steps for preparing and finalising the proposed scheme of merger, to be presented before the board for its consideration and final approval, it said in a filing to the BSE.
While Inox Leisure's scrip closed at Rs 51 per share, up 2.20% from the previous close on the BSE, Fame India's scrips closed at Rs 47.40 per share, up 4.98%.