PVR up 5% on shareholders nod for preferential issue to private equity firm

The shareholders approved the issue of five million equity shares of PVR at Rs 700 per share to private equity companies on a preferential basis.

Shares of PVR were trading higher by 5% at Rs 717 on the National Stock Exchange (NSE) after film exhibition company said that its shareholders approved the issue of five million equity shares of the company at Rs 700 per share to private equity firm on a preferential basis. 

In the last month, the board of directors of the PVR at its meeting held on June 12, 2015, approved issue of five million equity shares of the company at a price of Rs 700 per share, inclusive of premium aggregating to Rs 350 crore on a preferential issue basis, to funds managed by Multiple Alternate Asset Management (Multiples).

The company will allot 4.11 million equity shares to Plenty Private Equity Fund; 447,095 shares to Multiples Private Equity Fund II LLP and 433,143 shares to Plenty CI Fund, PVR said in a statement.

The stock opened at Rs 685 and has touched a high of Rs 720 on the NSE so far. Till 1010 hours, a combined 106,197 shares have changed hands on the counter on the NSE and BSE.