PVR Q1 net zooms sevenfold at Rs 58 crore

Plans to raise Rs 500 crore from issue of NCDs

Movie theater chain PVR Ltd today reported an over sevenfold jump in its consolidated net profit at Rs 58.05 crore for the quarter ended June 30, 2015 on account of higher sales.

The company had reported a consolidated net profit of Rs 7.66 crore for the April-June quarter of the last fiscal, it said in a BSE filing.

PVR also plans to raise Rs 500 crore from issue of non convertible debentures (NCDs) and Rs 350 crore through allotment of shares to Plenty Cl Fund I Ltd, Multiples Private Equity Fund II LLP and Plenty Private Equity Fund I Ltd on preferential basis.

In a separate filing, the company said its Board has approved "issue of non convertible debentures for a sum not exceeding Rs 500 crore subject to approval by the members of the company in the forthcoming Annual General Meeting".

PVR's Board also approved allotment of 50,00,000 equity shares at Rs 700 per share of face value Rs 10 each equity share at a premium of Rs 690 per share aggregating to Rs 350 crore on preferential basis to Plenty Cl Fund I Ltd, Multiples Private Equity Fund II LLP and Plenty Private Equity Fund I Ltd.

The company's net sales during the first quarter of 2015-16 fiscal stood at Rs 485.36 crore, up 34.09% as against Rs 361.95 crore in the year-ago period.

During the quarter, PVR acquired real estate major DLF's DT Cinemas for Rs 500 crore. The company's board approved scheme of merger of PVR Leisure Ltd and Lettuce Entertain You Ltd with the company.

Shares of PVR were trading 2.65% up at Rs 837.60 per scrip on BSE during afternoon trade.