PVR gains 2% on DT Cinemas buy

PVR finally ended with marginaly gains of 2% at Rs 143 as against the day's high of Rs 153. The counter clocked a volume of around 168,150 shares on the BSE.
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(Updated at 1032 hrs)

PVR on Friday announced its cash-and-stock deal to buy out realtor DLF group's national multiplex chain, DT Cinemas.

Under the deal, PVR (with an annual turnover of Rs 387 crore) will issue 2.5 million shares to DT Cinemas representing 10 per cent of PVR's fully diluted paid-up capital. This values the shareholding at Rs 32.2 crore, given its current market capitalisation of Rs 322 crore. PVR will also pay Rs 20.2 crore for the acquisition, putting the deal value at roughly Rs 50 crore.

Click to read more on PVR plans

The stock opnened at Rs 143, and soon soared to a high of Rs 153. The stock is now quoting at Rs 147, up 5% from its previous close. The counter has seen trades of around 75,300 shares so far on the BSE.