Reliance Capital hikes stake in Fame India

The Anil Dhirubhai Ambani Group (ADAG) firm Reliance Capital said it had raised its stake in Fame India. Reliance Capital Partners hiked its holding in Fame India to 7.6% through open market purchases since February 3, when Inox Leisure announced a deal to acquire Fame. Inox had acquired 43% stake owned by promoters in Fame India and bought further shares from the stock market to take total holding to a comfortable 50.48%. It has also announced a mandatory open offer to acquire another 20% in Fame India at Rs 51 a share. ADAG, that runs the country's largest multiplex chain under the Big Cinemas brand, had objected to the deal. It said that the Inox offer for Fame India was inferior to its own bid of Rs 80. In a statement, issued on February 9, Reliance MediaWorks said that it plans to bring all the relevant facts to the notice of all regulatory authorities, including markets regulator SEBI, the Ministry of Corporate Affairs, the Reserve Bank of India, the Income Tax department and others for such action, if any, as they deem appropriate.