PVR to acquire up to 95.27 pc stake in Cinemax for Rs 543 cr

Nov 29 2012, 21:39 IST
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PVR buys Cinemax promoters' entire stake for Rs 394.98 cr. (Reuters) PVR buys Cinemax promoters' entire stake for Rs 394.98 cr. (Reuters)
SummaryPVR is one of the largest multiplex companies in the country and runs 197 screens.

will enable us to ensure greater focus on our real estate and hospitality businesses," Kanakia said.

On the fund raising, PVR said it will undertake a preferential issue of 1,06,25,205 equity shares at a price of Rs 245 per shares amounting to Rs 260 crore to its promoters, L Capital and new private equity investor, MAAM.

MAAM will invest about Rs 153 crore, L Capital about Rs 82.3 crore and the promoters would infuse about Rs 25 crore into the company, PVR CFO Nitin Sood said.

Post the above dilution, both MAAM and L Capital (from 10 per cent previously) would own about 15.8 per cent stake each. The promoters holding will come down to 32 per cent stake from 40 per cent earlier in PVR, Sood said.

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