Inox, Reliance MediaWorks to make open offers for Fame India on 16 December

Inox Leisure and Reliance MediaWorks (RMW) today made stock exchange filings in regard to their open offers for multiplex chain Fame India, extending the takeover battle between the two contenders further.

Both Inox and Reliance MediaWorks will make their open offers from 16 December and close subscription on 4 January, the two said in filings with the Bombay Stock Exchange (BSE).

Both Inox and Reliance MediaWorks had, in February, made open offers to gain control of Fame India, but those were scrapped after Reliance MediaWorks moved SEBI against the induction of an Inox director on Fame's board.

Inox, which holds around 50.2 per cent stake in Fame India, had announced its offer at a price of Rs51 per share, while offer by RMW, which holds 16 per cent stake in Fame India via Reliance Capital, had set an offer price of Rs83 per share.

Since then the matter was pending with SEBI, which on Wednesday gave nod to the two warring parties to go ahead with their respective open offers.

Fame India scrips closed the day on BSE at Rs82.5 per share, up 0.12 per cent from the previous close.
 
ICICI Securities Ltd is managing the issue on behalf of Reliance MediaWorks Ltd along with the Reliance Capital Partners and Reliance Capital Ltd.