Reliance Capital Partners, a part of the Anil Dhirubhai Ambani (ADA) Group, has bought a 3.4 per cent stake in multiplex operator Fame India over the last two days from the open market, according to stock exchange filings. The shares were purchased after Inox Leisure acquired a 43 per cent stake in Fame India from the promoters.
The group did not own shares in Fame India at the end of the December quarter.
Several brokers said there is possibility of a counter offer from the ADA Group. Another group firm, Reliance Media Works (earlier Adlabs Films), is also an operator of multiplexes in India. A group spokesman declined to comment on the issue.
Reliance Capital, an ADA Group company, also sold on Wednesday 310,000 shares of Inox Leisure, in which it held a 9.08 per cent stake at the end of December, 2009.
The Fame India stock has been on the rise for the last four days, gaining over 20 per cent. On Thursday, it closed at Rs 48.40, up 5 per cent, on the BSE. The Inox Leisure stock fell 12.7 per cent to Rs 74.80.
