PVR surges on preferential allotment to PE fund

Allotted 2.89 million equity shares at a price of Rs 200 for an aggregate value of Rs 57.70 crores to L Capital Eco Limited

PVR Limited has soared 17% to Rs 227 on back of over ten-fold jump in trading volumes after the company allotted around three million shares to L Capital Eco Limited, an international private equity (PE) fund on preferential basis.

“The board of directors at its meeting held on September 28, have issued, and allotted 2.89 million equity shares of face value of Rs 10/- each at a price of Rs 200 for an aggregate value of Rs 57.70 crores to L Capital Eco Limited on preferential basis,” PVR said in a filing.

The stock opened at Rs 195 and touched high of Rs 228 on the BSE.  A combined 952,013 shares have already changed hands on the counter so far against sub 75,000 shares that were traded daily in past two weeks on both the exchanges.