Multiplex chain Inox Leisure Ltd currently does not intend to revise its offer price for Fame India, a senior company official said on Thursday.
Earlier this month, market regulator Securities and Exchange Board of India (SEBI) gave the green light to Inox and Reliance MediaWorks for an open offer for shares of Fame.
"If you are asking us whether we intend to revise our offer, that is not under consideration right now, but legally that option is available, and if at all, we will take a decision at the appropriate time," Deepak Asher, director at Inox, said.
"I still maintain that the deal that we did was at the right value for all stakeholders and nothing has fundamentally changed."
In February, Inox, which holds a 50.48 stake in Fame, said it would make an open offer to acquire a further 8.23 million shares, or 20% equity, at 51 rupees a share.
Later, Reliance MediaWorks said it would make an open offer to acquire 21.7 million shares at 83.4 rupees a share.
The Anil Dhirubhai Ambani Group owns 15.88% in Fame, according to Reuters data.
Companies are required to launch an open offer within 15 days of getting the approval from the market regulator and Inox has already started talking to its merchant bankers and working out a schedule, Asher said.
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