PVR has soared 11% to Rs 309 after the country's pioneer multiplex chain and leading entertainment company said it has purchased controlling stake in the share capital of Cinemax India through open market purchase today.
“PVR, through Cine Hospitality Private Limited, a wholly owned subsidiary of the Company, has purchased controlling stake in the share capital of Cinemax India Limited through a block deal executed on the floor of the stock exchange on January 08, 2012,” PVR said in a statement.
Accordingly, the board of directors of Cinemax India stands reconstituted, it added.
The stock opened at Rs 280 and hit a high of Rs 315 on the BSE. As many as a combined around 1.93 million shares have already changed hands on the counter so far against an average around 115,000 shares that were traded daily in past two weeks on both the exchanges.
Cinemax India, on the other hand, is trading lower by 1% at Rs 198, after hitting 52-week high of Rs 203 on the BSE.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app