Multiplex cinema operator PVR today listed on the Bombay Stock Exchange at Rs 266.85, a 18.37 per cent premium over the issue price of Rs 225. | |
| The stock further gained momentum during the firm trading session and closed at Rs 295.95, 31.53 per cent higher than the issue price. |
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| After today's closing, PVR emerged the third largest entertainment company with a market capitalisation of Rs 677.13 crore, pushing Sahara India Mass Communication to fourth position at a m-cap of Rs 533.20 crore. Adlabs led the pack with a m-cap of Rs 1,241.64 crore followed by Balaji Telefilms at Rs 978 crore. |
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| PVR would be utilising the proceeds from the issue to finance new cinema projects, expand film distribution business and upgrade and renovate technology at its cinemas. |
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| The company plans to set up cinemas in Mumbai, Hyderabad, Delhi, Indore, Gurgaon, Lucknow, Chennai, Ludhiana, Aurangabad and Latur. |
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| PVR currently has 10 cinemas with 39 screens and will be looking at increasing this figure from 18 to 82 cinemas by the end of 2006. |
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