Fame India shares do well after ADAG’s counteroffer

Fame India shares do well after ADAG’s counterofferFame India is definitely on a high these days. The company has seen a lot of positive changes taking place for it in the past few months.

The takeover battle for Fame India has heated up and the stock price has brightened on the prospects of ADAG' counter bid offer. On the Bombay Stock Exchange, the stock was trading at Rs. 86, up by Rs. 4 or 4.9 percent. The stock rose after the Anil Dhirubhai Ambani Group (ADAG) announced its counter bid offer.

The ADAG owned Reliance Mediaworks which looks after its Media business, has announced for 52.48% counter bid offer for the movie theatre chain at the rate of Rs. 83.40 per share (for Rs. 180.14 crore) through an open offer.

Initially Gujarat Fluoro Chemicals- well known as Inox leisure had announced a bid for Fame India, but now the ADAG offer holds a 63.5% premium on their offer. Through the open market ADAG group companies have already brought 10.26% in Fame India and wish to increase their stake to 62.74% through this counter bid offer.