Monday, June 18, 2012 11:32 AM
Fame India soars on getting in-principle approval to merge with Inox Leisure
Fame India is currently trading at Rs. 48.00, up by 0.60 points or 1.27% from its previous closing of Rs. 47.40 on the BSE.
The scrip opened at Rs. 49.75 and has touched a high and low of Rs. 49.75 and Rs. 47.05 respectively. So far 4049 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 73.90 on 27-Mar-2012 and a 52 week low of Rs. 32.48 on 26-Dec-2011.
Last one week high and low of the scrip stood at Rs. 49.75 and Rs. 45.00 respectively. The current market cap of the company is Rs. 270.84 crore.
The promoters holding in the company stood at 73.14% while Institutions and Non-Institutions held 1.22% and 25.65% respectively.
Fame India has received its board’s in-principle approval for the proposed merger of the company and its existing subsidiaries namely, Fame Motion, Big Pictures Hospitality Services and Headstrong Films with its holding company, Inox Leisure.
Further, the company’s board has also authorized Pavan Kumar Jain and Deepak Asher, directors of the company to appoint relevant experts / consultants / merchant bankers for conducting the necessary valuation of shares to determine the share exchange ratio, providing a fairness opinion in respect of the proposed merger, draft the scheme of merge; and to take all other necessary steps for preparing and finalizing the proposed scheme of merger, to be presented before the board for its consideration and final approval.