New Delhi,March 08: Reliance MediaWorks on Monday said it raised its open offer for cinema chain Fame India by 100,000 shares to meet a regulatory requirement.
Reliance MediaWorks had in February made a competitive bid for a majority stake in Fame at 83.40 rupees a share, 63.5 per cent higher than an offer by Inox Leisure for 20 per cent equity at 51 rupees a share. Inox already holds 50.48 per cent in Fame.
The company said on Monday that it will make an open offer for 21.7 million shares, not 21.6 million shares that it had announced earlier.
Reliance MediaWorks increased its offer size after it reported that it held about 100,000 shares less than what it had said in its previous public offer announcement on Feb. 21. Since the announcement, the company has raised its stake in Fame to 13.79 per cent from 11.82 per cent.
—–Agencies