Multiplex operator PVR Ltd on Friday said it has entered into an agreement with an undisclosed buyer to sell its Anupam cine-complex in South Delhi for Rs 52 crore and lease back the property to operate the theatre.
"The sale and lease back of the above property will provide significant funds for expansion plans of the company and will release substantial capital to fund its future projects," PVR said in a filing with the BSE.
According to the company, the sale and lease back of the above property is in the line with its strategy to maintain an asset-light business model.
The move will also enable the company to improve its ROCE (Return on Capital Employed) and focus on the core operating business of operating and managing multiplex properties across the country on long-term lease basis, it said.
The company said PVR Anupam, opened in 1997, is India's first multiplex with four screens.
PVR shares were trading at Rs 499 per scrip on BSE during the afternoon trade, up 2.93 from its previous close.