PVR gets board approval to raise funds

PVR said its board of directors approved the issue of equity shares of the company for an aggregate amount not exceeding Rs 800 crore.

PVR said its board of directors approved the issue of equity shares of the company of the face value of Rs 10 each, against which American Depository Receipts (ADRs) or Global Depository Receipts (GDRs) may be issued, foreign currency convertible bonds, non-convertible debt instruments along with warrants, and/ or other securities in one or more tranches for an aggregate amount not exceeding Rs 800 crore.

The announcement was made after market hours on Friday, 18 December 2020. Shares of PVR rose 2.21% to settle at Rs 1434.65 on Friday.

The multiplex chain operator posted a consolidated net loss of Rs 183.95 crore in Q2 September 2020 compared with net profit of Rs 47.88 crore recorded in Q2 September 2019. Revenue from operations tumbled nearly 96% to Rs 40.45 crore in Q2 September 2020 from Rs 973 crore in the same period last year.

PVR is the market leader in terms of screen count in India. Currently, it operates 845 screens in 176 cinemas in 71 cities in India and Sri Lanka with an aggregate seating capacity of approximately 1.82 lakh seats.

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