Movies

Inox ups stake in Fame to 50.5%

MUMBAI: Inox Leisure has acquired an additional 7.21 per cent stake in Fame India through a block deal, executed at BSE today.


The deal, following the 43.3 per cent stake acquisition from the Shroff family promoting group, makes Inox a majority holder of Fame India with 50.48 per cent stake.


Inox acquired 2.50 million equity shares for a consideration of Rs 50.75 per share, totaling to Rs 127.7 million.


Inox had bought out the promoters’ stake for Rs 664.8 million or Rs 44.09 per share, through a block deal on 3 February.


Inox has made a total investment of Rs 792.5 million to acquire 50.48 per cent stake in Fame. The additional stake has also been funded to Inox by its parent company Gujarat Fluorochemicals Ltd (GFL). 


So, will Inox delist Fame? “We have not decided anything at this stage. We will take a final call at the appropriate time. Today’s additional acquisition has been in pursuance of our objective to consolidate our stake in Fame,” Inox Leisure director Deepak Asher tells indiantelevison.com


Inox will make an open offer for an additional 20 per cent stake in Fame to the shareholders as per the Sebi (Securities and Exchange board of India) regulations.


“We will be announcing the open offer pricing soon,” Asher adds.


Inox shares ended Friday at Rs 66.90 on the BSE, down 10.56 per cent from the previous close. Fame shares touched the upper circuit and closed at Rs 50.80, up by 4.96 per cent.

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