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Inox awaits SEBI’s approval

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Inox Leisure Ltd is to announce the revised schedule for the acquisition of an additional 20 per cent stake in Fame India after getting the capital market regulator’s approval.

In a filing to Bombay Stock Exchange, Inox announced the date of opening of the offer and other relevant dates will undergo a change and the revised schedule of activities will be announced separately after receiving Securities and Exchange Board of India’s approval to the letter of offer.

Inox, which is facing a takeover battle from the Anil Dhirubhai Ambani Group, has made an open offer to acquire up to 82.31 lakh equity shares, representing 20 per cent stake in Fame India, at a price of Rs.51 per share.

On February 5, INOX Leisure Ltd purchased 25,07,537 equity shares of Rs.10 each of Fame India Ltd representing 7.21 per cent of the total paid-up capital of Fame India Ltd at a consideration of Rs.50.75 per share, by way of a block deal.

— IndiaRetailing Bureau

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