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Updated: Reliance Mediaworks’ Hostile Bid For Fame

Updated: Reliance Capital Partners, Reliance MediaWorks Ltd and Reliance Capital purchased 11,830 equity shares, 0.03% of the equity share capital of Fame India at an average price of Rs 82.10 per equity share through the open market. On February 27, they purchased 79,685 equity shares constituting 0.23% of the equity share capital of Fame India at an average price of Rs 82.1 per share; and on February 25, 1.71% equity for an average price of Rs 83.11 per share. Earlier Post (Feb 22, 2010): Reliance ADAG's film production and distribution subsidiary Reliance Mediaworks has decided to place an attractive open offer to public shareholders of Fame Cinemas in an aggressive move to acquire additional shares in the theatre chain. ADAG owns the largest theatre chain in India -BIG Cinemas - which has 500 screens worldwide. In comparison, Fame has 95 screens.  Note that the two firms also have a 50:50 joint venture called Swanston Multiplex Cinemas which operates the multiplex Fame Adlabs in Mumbai. This move comes close after BIG Cinemas' competitor INOX Leisure acquired a majority stake in Fame (ex Shringar Cinemas Ltd) for Rs. 664.8 million; INOX currently owns 50.48 percent (correction: 43.28%) stake in Fame. Mediaworks had revolted against this take over, arguing that the issue to INOX was much lower at Rs. 44 per share than the Rs. 80 per share that Reliance had offered. INOX followed this with an open offer to acquire an additional 20% stake in Fame for cash, to become the majority…

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