Inox open offer for Fame fails to attract investors

Multiplex chain Inox Leisure said on Friday it had acquired 1,075 shares in rival Fame India in its open offer.

Inox had launched an open offer for 8.23 mn shares of Fame, aggregating to 20.25% of the fully diluted share capital of the company, at Rs 51 a share. Fame has been embroiled in a takeover battle between Inox and rival Reliance MediaWorks since the beginning of 2010. Reliance MediaWorks had also made an open offer for 21.7 mn shares, amounting to a 53.38% stake in Fame, at Rs 83.4 a piece. Media reports suggest Reliance MediaWorks has acquired 32% in the open offer that closed on January 4. Company officials declined comment when contacted by Reuters.