Khaitan & Co and Naik Naik & Co have advised multiplex owner INOX Leisure in acquiring a 43.28 per cent stake of the promoter group of rival multiplex chain Fame India for Rs 66.34 crore.

Khaitan & Co senior partner Haigreve Khaitan led the transaction for INOX along with senior associates Aakash Choubey and Ashish Razdan.

Mumbai firm Naik Naik & Co has acted for the seller promoters of Fame. Managing partner Ameet Naik and partner Madhu Gadodia were the lead partners on the deal.

Haigreve Khaitan said in a statement: “This transaction was quite challenging given the complexities involved and limited time frame to deliver results.

“INOX Leisure, its parent Gujarat Flourochemicals and group companies have been our long-standing client and we advise them in almost all of their transactions.”

With this acquisition INOX has become one of India’s largest theatre chains with a combined strength of 55 multiplexes and 204 screens and a total seating capacity of 57,891 seats.

The deal is funded by INOX’s promoter company Gujarat Fluorochemicals Ltd through a shareholder loan.

Enam Securities was the investment banker to INOX and Fame India was advised by Yes Bank as the investment banker.