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PVR to raise Rs 7.5 bn via issue of securities, seeks shareholders' nod

The multiplex operator said voting through e-voting will be held between December 31 to January 29, 2019, and the results will be announced on January 30, 2019

Press Trust of India  |  New Delhi 

PVR. cinema, movie, hall

Multiplex chain operator Friday said it is planning to raise up to Rs 7.5 billion through issue of securities to qualified institutional buyers, for which it is seeking shareholders' nod.

In a regulatory filing, said its board had on December 21 approved issue of equity shares of the company with a face value of Rs 10 each or other securities in one or more tranches qualified institutional buyers (QIBs) subject to approval of the shareholders.

"The company intends to issue securities for an aggregate amount not exceeding Rs 7.5 billion," said in a postal ballot notice to its shareholders.

PVR said the raised sum would be used for "funding our capital expenditure needs, funding any acquisitions, reducing our outstanding debt, funding long and short term working capital requirements, general corporate purposes and/or other corporate exigencies".

The multiplex operator said voting through e-voting will be held between December 31 to January 29, 2019, and the results will be announced on January 30, 2019.

In August this year, PVR had announced acquisition of 71.69 per cent stake in South India-based SPI Cinemas for about Rs 633 crore in an all-cash deal.

PVR CMD Ajay Bijli had stated that the acquisition was a significant step in helping it achieve its vision of having 1,000 screens by 2020, up from nearly 750 cinema screens across

In 2016, PVR had also acquired 32 screens of DT cinemas from realty major DLF for Rs 4.33 billion.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Fri, December 28 2018. 14:25 IST
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