DLF Utilities executed amendment agreement on 30 May 2016 with PVR
DLF announced that DLF Utilities (DUL) has executed an amendment agreement (Amendment Agreement) on 30 May, 2016 with PVR in connection with sale of the cinema exhibition business (operated under the brand name of DT Cinemas) on a slump sale basis for a revised consideration of Rs.433 crore (Rs. 100 crore of which to be received upon satisfaction of certain Conditions Subsequent).The Amendment Agreement, inter alia provides for exclusion DT Savitri (1 screen) and DT Saket (6 screens) from the aforementioned transaction. Accordingly, subject to satisfaction of statutory, regulatory and other customary conditions precedent, the DUL proposes to sell 32 screens in National Capital Region and Chandigarh to PVR.
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