Movies

Fame to merge with Inox

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MUMBAI: Inox Leisure Ltd is having its own say on how Fame India is going to be run, after brushing aside Reliance ADAG‘s threat to own the multiplex chain.

Fame and its three subsidiaries are going to merge with Inox to create the country‘s largest multiplex chain with 257 screens. Big Cinemas has 252 screens, PVR Ltd 162 screens , Cinemax India 141 screens and Fun Cinemas 73 screens.

The board of Inox will meet on 15 June to consider the merger proposal.

"The board will consider the amalgamation of Fame India Limited with Inox," said InoxLeisure Ltd CEO Deepak Asher.

The merger of Fame India Limited (a subsidiary of the company) with Inox will also include the existing wholly owned subsidiaries (namely, Fame Motion Pictures Limited, Big Picture Hospitality Services Private Limited and Headstrong Films Private Limited), Inox said in its filing to the BSE on 7 June.

In early 2010, Reliance Capital had launched a hostile bid for a 62.08 per cent stake at Rs 83.40 a share, 63.5 per cent higher than Inox‘s open offer of Rs 51. The promoter group of Fame had offloaded their 43.28 per cent stake to Inox for Rs 66.48 crore in an all-cash deal. Inox further upped its stake in Fame India through an open offer.

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