Anil Ambani's Reliance MediaWorks yesterday announced an offer to buy a further 62% shareholding in Indian multiplex operator Fame India for Rs1.8 billion $39 million. Fame India has been in play since early this month when multiplex operator Inox group, which is controlled by Gujarat Fluorochemicals, announced a friendly deal to acquire control of Fame India.
On February 3, Inox announced that it had acquired a 43.28% stake in Fame India, from its founders, the Shroff family, for Rs660 million. The deal translated to a per share price of Rs43.7, which was about where Fame India's shares were trading on India's National Stock Exchange at the time. Inox operates 30 properties...
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