Cinemax India is locked in upper circuit of 10% at Rs 125 on BSE on merger with the multiplex chain operator PVR.
The board of directors of PVR at its meeting held on June 7, 2013 approved in-principle the proposed amalgamation of Cinemax India, a Mumbai-based listed firm and Cine Hospitality Private Ltd, a wholly-owned subsidiary of the company, PVR said in a filing to BSE.
Haribhakti & Co and SSPA & Co, have been appointed as Joint Valuers for valuation of PVR and Cinemax India for determining the swap ratio for the proposed amalgamation, it added.
The stock of Cinemax India has opened at Rs 121 and frozen at maximum higher limit of the day on BSE. A combined 1,969 shares have changed hands on the counter and there are pending buy orders for around 639 shares on BSE and NSE at 0949 hours.
PVR, on the other hand, is up 2.2% at Rs 332 on BSE.
The board of directors of PVR at its meeting held on June 7, 2013 approved in-principle the proposed amalgamation of Cinemax India, a Mumbai-based listed firm and Cine Hospitality Private Ltd, a wholly-owned subsidiary of the company, PVR said in a filing to BSE.
Haribhakti & Co and SSPA & Co, have been appointed as Joint Valuers for valuation of PVR and Cinemax India for determining the swap ratio for the proposed amalgamation, it added.
The stock of Cinemax India has opened at Rs 121 and frozen at maximum higher limit of the day on BSE. A combined 1,969 shares have changed hands on the counter and there are pending buy orders for around 639 shares on BSE and NSE at 0949 hours.
PVR, on the other hand, is up 2.2% at Rs 332 on BSE.