 |
|
Reliance MediaWorks offers to buy majority stake in Inox Leisure
MUMBAI:
Reliance MediaWorks has offered to buy a majority stake in multiplex operator
Inox Leisure in an attempt to end a prolonged tussle between
the two companies over a smaller cinema chain.
.
|
Two persons close to the development said the company, owned by billionaire Anil Ambani, has offered Rs 120 for every share to the owners of Inox, valuing the company at a little over Rs 740 crore. But the two sides were still talking about valuation and a final agreement had not been reached, the people close to the deal said. The owners of Inox — the Delhi-based Jain family who also own Gujarat Fluorochemicals — are holding out for a higher price, said to be around `140, they said. The Jain family owns just under 67% of Inox.