PVR to Purchase over 69 Percent Stake in Cinemax

Friday, 30 November 2012, 09:40 Hrs
41
cmt right
46
Comment Right
80
cmt right
12
cmt right
Printer Print Email Email
pvr


New Delhi: Multiplex chain operator PVR will purchase 69.27 percent stake in Cinemax India Limited, which is also in movie exhibition, PVR announced.



PVR will also purchase additional 26 percent stake in Cinemax from public shareholders through an open offer.



In a statement, PVR said: "The board of directors of PVR Limited today announced that it has entered into definitive agreements to acquire 69.27 percent stake in Cinemax India Limited, a Kanakia Group entity that operates movie exhibition business in India."



In a filing to the BSE, Cinemax said that "the company has been informed by its promoters that they have entered into a definitive sale agreement with PVR Limited (through its wholly-owned subsidiary Cine Hospitality Private Ltd) for sale of their entire stake of 69.27 percent in Cinemax India Limited".



"The sale has been completed for a total sale consideration of 394.98 crore at a price of 203.65 per equity share," the filing added.



The PVR board also approved purchase of up to 26 percent stake in Cinemax India from the public shareholders pursuant to an open offer under the SEBI regulations 2011, PVR said in a separate filing.



Shares of PVR ended at 255.45, higher by 7.83 percent over its last close.



PVR runs 197 screens, while Cinemax operates 138 screens in 39 properties across the country.


Source: IANS
SPOTLIGHT
GST rate cut to spur Bengaluru
The realty market in India's tech hub is set to grow as lower Goods and Services Tax (GST) rate..
SpiceJet plans aggressive
Budget passenger carrier SpiceJet plans to aggressively expand its international networks to fl..
Fossil Group sells smartwatch
Global watch and accessories maker Fossil Group has announced to sell its smartphone technolog..
Ola raises Rs 400 cr for electric
Leading ride-hailing cab aggregator Ola on Friday said it raised Rs 400 crore from its early in..