Reliance ADAG in pursuit of Fame, ups stake

MUMBAI: Reliance Capital Partners, a Reliance ADAG (Anil Dhirubhai Ambani Group) company, has increased its stake in Fame India through open market purchases. This move comes in the wake of Inox Leisure acquiring a majority stake in Fame.

Reliance has taken its total holding in Fame to 8.13 per cent, after failing in earlier attempts to gobble up the multiplex chain. The move has fuelled speculations that it may come out with a counter offer to buy more stake in Fame.

Inox, which holds 50.5 per cent of Fame, has already announced the open offer for 20 per cent at Rs 51 per share.

Relaince ADAG also has cinema exhibition and production business under Reliance Mediaworks. Incidentally, Reliance MediaWorks claims that it was offering to buy out Fame’s promoter stake for a “much higher” price than what Inox offered. Reportedly, the company is in process of seeking action against Fame India for selling the promoters‘ stake at a price “much lower than what it had offered”.

"Reliance MediaWorks will bring all relevant facts to the notice of all regulatory authorities, including inter alia Sebi (Securities and Exchange Board of India), Ministry of Company Affairs, Reserve Bank of India, Income Tax, etc. for such action, if any, as they deem appropriate," it said in a statement.

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