In an official communique issued by Inox Leisure Limited (Inox), it has been mentioned, “Inox and Gujarat Fluorochemicals Limited (GFL) note the competitive open offer launched by Reliance MediaWorks Limited and other persons acting in concert, of the Reliance ADAG Group, for acquisition of stake in Fame India Limited (Fame).”
The SEBI takeover regulations prescribe a defined process and time periods to respond to such competitive open offers. According to the statement issued, GFL and Inox will consider its options in the best interests of its shareholders and the shareholders of Fame, at the appropriate time and in full compliance of all its obligations under such regulations.
The communique further stated, “The allegations and insinuations made in the Public announcement by Reliance MediaWorks Limited, against Inox and GFL, are untrue, baseless and misleading, and appear to be an attempt to frustrate the sale of shares between the promoters of Fame and Inox/GFL.”
— IndiaRetailing Bureau