Fame India has brightened as the takeover battle has heated up further with the counterbid by ADAG. The stock is trading at Rs 86, stronger by Rs 4 or 4.9%, on the BSE.
Reliance MediaWorks, part of the Anil Dhirubhai Ambani Group (ADAG), has announced a counterbid for 52.48 per cent in the movie threatre chain at Rs 83.40 per share (for Rs 180.14 crore) through an open offer.
The offer represents a 63.5 per cent premium on the open offer price of Gujarat Fluro Chemicals-promoted INOX Leisure to Fame shareholders.
ADAG group companies have already bought 10.26 per cent in Fame India through the open market and will be able to increase their stake to 62.74 per cent if the offer is successful.