Reliance Capital Partners has purchased another 11,830 shares constituting about 0.03% of the equity share capital of Fame India at an average price of Rs 82.10 per equity share and the highest price of Rs 82.32 per share, through a open market transaction. The company now has about 13.79% stake in Fame India, it said in a filing to the Bombay Stock Exchange (BSE).
Reliance Capital had started with a 3.5% stake in Fame India and since then has been continuously upping it. On February 27, the company purchased 79,685 shares constituting 0.23% of the equity share capital of Fame India at an average price of Rs 82.1 per share. Even before that, on February 25, it had bought 1.71% equity for an average price of Rs 83.11 per share.
Reliance Capital Partners, an Anil Dhirubhai Ambani Group (ADAG) company, has 13.76% stake in Fame. The company, along with the other two group entities, is looking to acquire a majority stake through an open offer scheduled next month.
The Rs 180-crore open offer of ADAG would begin on April 1 and closes on April 20. ADAG has offered a price of Rs 83 per share for its open offer. This offer is about 60% higher than Rs 51 offered by Inox for a 20% stake from promoters of Fame. Fame India closed 1.61% down at Rs 85.50 on the BSE.
Last month, multiplex operator Inox Leisure had announced acquisition of a 43.28% stake in Fame India. This was in addition to making an open offer for an additional 20% stake. Subsequent to INOX’s announcement, three Anil Ambani group firms ?? Reliance MediaWorks, Reliance Capital Partners and Reliance Capital also started chasing Fame India for a higher stake in the open offer. Countering the bid by rival Inox Leisure, the three firms announced an open offer for a 52.48% stake in Fame at Rs 83 per share.