Anil Dhirubhai Ambani-controlled Reliance Capital said on Monday its board has approved a counter bid for cinema operator Fame India Ltd following an open offer by rival Inox Leisure.
The bid, being made by Reliance MediaWorks, is to acquire 21.6 million shares, or 62.08% equity, at Rs83.4 a share, a 63.5% premium to Inox's offer price.
Earlier this month, Inox made an open offer to acquire 8.23 million shares, or 20% of equity capital, in Fame India at Rs51 per share.
ICICI Securities is the offer manager to Reliance Capital while Enam securities is the merchant banker for Inox, which already holds 50.48% in Fame India.
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