Movies

Inox ups stake in Fame to 68.3%

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MUMBAI: Multiplex chain operator Inox Leisure has raised its stake to 68.30 per cent in Fame India, up from 50.20 per cent that it had held in January 2011, for Rs 889.3 million.

The purchase of 20.2 million shares, or 18.14 per cent, at a premium of Rs 34 per equity share was through a rights issue.

Talking about increasing his company?s stake in Fame, Inox Leisure Ltd CEO Deepak Asher said: ?We had subscribed to a rights issue of the company. Resultantly, we could increase our stake in the company.?

The issue opened on 7 February and closed on 21 February 21 2012.

Inox?s shares closed at Rs 55.15 apiece, up 9.64 per cent from the previous close on the BSE.

Fame India?s shares closed at Rs 70.45, up 1.59 per cent from the previous close on the BSE.

Since the last two years, Inox has been increasing its stake in Fame. Having bought 43 per cent stake in February 2010, Inox raised its stake in phases.

Inox Leisure is one of the fastest growing multiplex chains in the country, building and managing multiplex cinemas throughout India.

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