CCI asks PVR to publish details of DT Cinema acquisition

By: |
New Delhi | December 03, 2015 1:54 PM

Multiplex chain operator PVR today said it has received a letter from competition watchdog CCI, asking it to publish details of its proposed Rs 500-crore acquisition of DT Cinemas within ten days.

pvr dt cinemaMultiplex chain operator PVR today said it has received a letter from competition watchdog CCI, asking it to publish details of its proposed Rs 500-crore acquisition of DT Cinemas within ten days. (Reuters)

Multiplex chain operator PVR today said it has received a letter from competition watchdog CCI, asking it to publish details of its proposed Rs 500-crore acquisition of DT Cinemas within ten days.

“The company has received letter dated December 1, 2015 under Section 29 (2) of the Competition Act, 2002 from the CCI, directing the company to publish the details of the proposed combination in the prescribed format within 10 working days from the date of the said letter of the CCI,” PVR said in a BSE filing.

Under the section, if the fair trade regulator is “prima facie of the opinion that the combination has, or is likely to have, an appreciable adverse effect on competition”, then it can direct the parties to publish details of the combination within ten working days.

In June, PVR announced plans to acquire real estate major DLF’s cinema exhibition business, DT Cinemas, for Rs 500 crore.

After the proposed acquisition, PVR would have presence in 44 cities with 115 multiplexes and over 500 screens.

At the time of striking the deal, DT Cinemas had 29 screens with approximately 6,000 seats at eight locations in National Capital Region (NCR) and Chandigarh, while PVR operated a network of 477 screens spread over 107 properties in 44 cities.

Shares of PVR Ltd were trading 2.10 per cent down at Rs 830.00 per scrip during afternoon session on BSE.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Twitter to soon make searching for DMs easier for Android users
2Jindal Stainless Ltd posts Rs 293 cr net profit in Q4
3COVID-19: Finmin asks states to vaccinate staff of banks, insurance cos on priority basis