Anil Ambani group firm Reliance MediaWorks Ltd, with two others, has raised their stake in multiplex chain Fame India Ltd to 14.51%, as it battles rival Inox in a takeover battle, according to a stock exchange filing.
Reliance MediaWorks, along with group firms Reliance Capital and Reliance Capital Partners, acquired an additional 2.37% equity in Fame through open market purchases between February 22 and May 20, according to a filing made to the NSE.
Fame India has been the subject of a takeover battle between Reliance MediaWorks and Inox Leisure Ltd since early this year when Inox acquired 50.48% in Fame and followed it up with an open offer for an additional 20%.
Reliance MediaWorks has delayed its counter bid to buy 62.36% in Fame pending regulatory approval.
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