PVR completes acquisition of 71.6% stake of SPI Cinemas

Leading multiplex operator PVR today said it has completed the acquisition of 71.69 per cent share of South India-based chain SPI Cinemas.

SPI Cinemas operates 76 screens across 17 properties in 10 cities under several brands such as Sathyam, Escape, Palazzo, The Cinema and S2 Cinema. It reported revenue of Rs 309.6 crore in FY 2017-18.

"PVR Ltd has completed the acquisition of 71.69 per cent of the paid share capital of SPI involving the acquisition of 1,91,534 equity shares constituting 61.65 per cent of the paid-up share capital of SPI from SS Theatres LLP and 31,177 equity shares consisting 10.04 per cent of the paid-up share capital of SPI from SV Swaroop Reddy....," PVR said in a regulatory filing.

Last week, PVR had announced to acquire 71.69 per cent stake in SPI Cinemas for about Rs 633 crore, in an all-cash deal.

PVR's board had also approved the issuance of 1.6 million shares of PVR for the residual stake.

"The proposed acquisition is in line with the company's continual growth and expansion strategy. Such inorganic growth will enable the company to expand its presence in South India," PVR had said.

In 2016, PVR had also acquired 32 screens of DT cinemas from realty major DLF for Rs 433 crore.

PVR currently operates 634 Screens in 53 Cities.