Reliance Capital Partners has hiked its stake to 12.14 per cent in Fame India, a day after another ADAG company Reliance MediaWorks announced an open offer for a majority stake in the theatre chain.
Fame India in a disclosure to the National Stock Exchange today said that Reliance Capital Partners has acquired 21.28 lakh shares, representing 6.12 per cent stake, in Fame between February 6-19, 2010.
Pursuant to the purchase, Reliance Capital Partners' stake in Fame India has increased to 12.14 per cent, up from 6.02 per cent earlier.
Yesterday ADAG firm Reliance MediaWorks announced an open offer to acquire 2.16 crore shares, or 52.48 per cent stake, in Fame at a price of Rs 83.40 per share, countering an existing takeover bid by rival Inox Leisure.
Inox Leisure had recently signed an agreement to acquire 43.28 per cent promoters' stake in Fame India for Rs 66.48 crore and earlier this month made an open offer to buy another 20 per cent stake at a price of Rs 51 per share.
Reliance MediaWorks had said that it would seek action against Fame for selling promoters' stake in the theatre chain to Inox at a price much lower than it had offered earlier.
If the open offer gets fully subscribed, the ADA Group will hold 64.64 per cent stake in Fame India.