Mergers
Its merger with Bengal Ambuja promoted Calcutta Cinema Private Ltd (CCPL) (89 Cinemas at Swabhumi), has given INOX access to an additional 9 multiplexes in West Bengal and Assam. INOX is also in an alliance with the Pantaloon Group – a partnership that provides INOX preferential access to all real estate developments, which Pantaloon takes up for its retail chain. The properties acquired through this alliance will be in addition to the properties that INOX has locked in on its own, thereby increasing its reach across India.
With a view to consolidate its position in the multiplex industry, the Company had acquired 17,565,288 equity shares of Fame Cinemas in February 2010. As required under Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997, the Company made an open offer to the Shareholders of Fame Cinemas which was open for a period from 16 December 2010 to 4 January 2011. The Company acquired further 1,075 equity shares of Fame Cinemas in the Open Offer. Subsequent to the completion of the open offer formalities on 6 January 2011, the Company holds 17,566,363 equity shares of Fame representing 50.27% of the issued and paid-up capital of Fame Cinemas. Consequently, Fame Cinemas and its subsidiaries viz. Fame Motion Pictures Limited (formerly known as Shringar Films Limited) and Big Pictures Hospitality Services Private Limited have become subsidiaries of the Company with effect from 6 January 2011.
INOX was also chosen post a nationwide tender to design, construct and operate the multiplex in Goa. This 4 screen multiplex of INOX has been hosting the International Film Festival of India IFFI since 2004.
Read more about this topic: INOX Leisure Limited