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The partnership with IPIC will give PVR valuable exposure in the cinema exhibition market of USA. IPIC's current shareholders include iPic Holdings, LLC, Village Roadshow (Australia's largest cinema exhibitor), Regal Cinemas (one of USA's largest cinema exhibition chain) and Retirement System of Alabama (a large state pension fund).
The general corporate team of Shardul Amarchand Mangaldas acted as the advisor to PVR under Indian laws and was involved in structuring of the transaction, drafting, reviewing and negotiating the transaction documents and general corporate advisory, including advice on overseas direct investment laws of India.
The transaction team was led by Akila Agrawal; Partner, and included Megha Bhargava; Principal Associate and Akshay; Associate.
As a part of the transaction, PVR Limited is acquiring a minority stake in IPIC. In addition, IPIC has agreed to appoint Ajay Bijli, Chairman and Managing Director of PVR, to its Board of Directors.
The deal was signed on November 27 and the transaction is expected to close in the next two weeks.
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