On 30 May 2016
PVR announced that pursuant to the order passed by the Competition Commission of India under Section 31(7) of the Competition Act, 2002 (details of which were communicated to the relevant stock exchanges on 06 May 2016), the Company has on 30 May 2016 executed an amendment agreement (Amendment Agreement) with DLF Utilities (DUL) for acquisition of the cinema exhibition business of DUL (which is operated under the brand name of DT Cinemas) on a slump sale basis for a revised consideration of Rs. 433 crore.The Amendment Agreement, inter alia, provides for exclusion of DT Savitri (1 screen) and DT Saket (6 screens) from the aforementioned transaction. Subject to satisfaction of customary conditions precedent, the Company proposes to acquire 32 screens of DUL in National Capital Region and Chandigarh.
Powered by Capital Market - Live News
