Exhibitor Fame India Surges On Block Deal; Temasek Has Sold, Says Report
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Exhibitor Fame India (Formerly Shringar Cinemas Ltd) rose 4.95% to close at Rs30.75 even as the benchmark Sensex closed down 0.53%, or 88 points from its previous close on the Bombay Stock Exchange. The Fame India scrip touched an intra-day high of Rs30.9, following a block deal for 46.95 lakh shares, representing a 13.5% stake in the company, reports CNBC TV18.
The block deal ws executed at Rs30 per share, according to TV18. The stock had touched a 52-week low of Rs8.75 on 13 March.
While the identity of the seller would not be officially known till the next trading day (Tuesday), TV18, citing unnamed sources, reports that Temasek has sold its 13.49 stake in the company.
Temasek, Singapore government’s sovereign wealth fund, held a 13.49% stake in the firm as on 30 June. The stake was held through two subsidiaries—Aranda Investments (Mauritius) Pte. Ltd and Dunearn Investments (Mauritius) Pte. Ltd—and part of this (10%) was acquired in 2005 at Rs62.50 per share, according to report then in The Hindu Business Line.
Temasek’s other investment in India’s media and entertainment space was Peter Mukerjea-promoted INX Media, which has since sold the news business at an undisclosed price and has significantly downsized its entertainment channel 9X.
A Temasek spokesperson declined comment.
For the quarter ended 30 June, Fame India, which operates multiplexes and has interests in film distribution, posted a net loss of Rs9.53 crore, up from a loss of Rs3.66 crore during the year ago period. For the fiscal ended 31 March, the company posted a net profit of Rs1.87 crore.
@sruthijith
Sep 25, 2009 6:34 AM ET
Posted In: Entertainment, Movies, Bollywood, Money
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