MUMBAI: Inox Leisure has made an open offer to buy up to 20 per cent of the shares of Fame India for Rs 51 a share, a day after it made an additional purchase of 7.21 per cent at Rs 50.75 a share.

Earlier, Inox had bought out the entire 43.3 per cent held by the shroff family, the promoting group of Fame, at Rs 44.09 a share, amounting to Rs 664.8 million.

The offer for 8.23 million shares, or 20 per cent, opens 1 April and closes 20 April. Enam Securities is manager to the offer.

Shares of Fame ended Saturday at Rs 53.20, higher than the open offer price, prompting analysts to say that subscription to the open offer would depend on whether the scrip falls by then.

Inox would have to shell out Rs 419.82 million for the 20 per cent open offer subscription. For acquiring 50.48 per cent stake in Fame, which has catapaulted it to the second largest multiplex company, Inox had invested Rs 792.5 million.