PVR okays amalgamation with Bijli Holdings

Purpose of amalgamation is to simplify firm's shareholding structure and reduce shareholding tiers

Multiplex operator PVR Ltd today said it has approved an amalgamation scheme between Bijli Holdings Pvt Ltd and itself to simplify PVR's shareholding structure.

"The Board of Directors has considered and approved the Scheme of Amalgamation...Between Bijli Holdings, based on the recommendation of the audit committee," the company said in a BSE filing.

The purpose of the amalgamation is to simplify the shareholding structure of PVR and reduction of shareholding tiers. It also envisages to demonstrate Bijli Holdings' direct engagement with PVR, it said.

"Bijli Holdings is part of the Promoter Group of PVR. Post-amalgamation, paid-up capital of the company will remain the same and there shall be no dilution for any shareholders including public shareholders," PVR said.

After the amalgamation, individual promoters will directly hold shares in PVR and there will be no change in the total promoters' shareholding of PVR.

The total promoters' shareholding is 26.33 per cent of PVR's paid-up equity share capital.

Shares of PVR Ltd were trading at Rs 816 apiece, down 2.32 per cent from their previous close on the BSE.