After acquiring 43.28 per cent in Fame India Ltd this week, Inox Leisure Limited has bought additional 7.21 per cent today in a block deal for Rs12.77 crore.
On 3 February, Inox, operator of a chain of multiplexes across the country and a subsidiary Gujarat Flurochemicals, had acquired 43.28 per cent in Fame India Ltd for Rs66.48 crore in its quest to become the largest owner of multiplexes in the country. (See: Inox becomes India's largest multiplex operator with Fame stake acquisition)
Today it acquired an additional 25,07,537 equity shares of Fame India for Rs10 each at a cost of Rs12.77 crore, representing 7.21 per cent of the total paid-up capital of Fame India.
With this additional stake, Inox has acquired a total of 50.49-per cent stake in Fame at a total cost of Rs79.25 crore.
The additional stake purchase by Inox has also been funded by its parent company Gujarat Fluorochemicals Ltd.
Inox will make an open offer for an additional 20 per cent stake to the shareholders of Fame India in accordance with SEBI Regulations soon, said the Mumbai-based Inox in a statement today.
Deepak Asher, director of Inox group of companies said, ''This additional acquisition has been in pursuance of our objective to consolidate our stake in Fame. The open offer to the shareholders of Fame India Limited, in accordance with SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997, shall be made considering this additional purchase.''
This acquisition will propel Inox to become the largest multiplex chain operator in the country with 55 multiplexes, 204 screens and 57,888 seats.
INOX currently operates 30 multiplexes and 109 screens with 31,401 seats in 21 cities, while Fame India operates 25 multiplexes, 95 screens with 26,487 seats in 12 cities.