DLF to sell 32 screens to PVR for revised price of Rs 433 crore

Realty major DLF on Tuesday said it has entered into an amended agreement to sell its 32 screens of DT cinemas to multiplex operator PVR at a revised consideration of Rs 433 crore.

DLF operates the multiplex arm DT cinemas and exhibition business under its subsidiary DLF Utilities.

Earlier this month, Competition Commission had approved PVR's proposed acquisition of DT Cinemas from DLF while directing the companies to exclude certain assets from the deal to address anti-competitive concerns.

In June last year, PVR had announced the acquisition of DT Cinemas for Rs 500 crore after aborting from a similar deal in February 2010.

"DLF Utilities Limited (DUL), a subsidiary, has executed an amendment agreement... With PVR in connection with sale of the cinema exhibition business (operated under the brand name of 'DT Cinemas') on a slump sale basis for a revised consideration of Rs 433 crore," DLF said in a BSE filing.

PVR said: "The amendment agreement provides for exclusion of DT Savitri (1 screen) and DT Saket (6 screens) from the aforementioned transaction. Subject to satisfaction of customary conditions precedent, the company proposes to acquire 32 screens of DUL in National Capital Region and Chandigarh."

The transaction had originally envisaged PVR acquiring 39 screens of DT Cinemas from DLF, with a total capacity of around 9,000 seats.