The announcement was made during trading hours today, 8 January 2013.
Meanwhile, the BSE Sensex was up 55.06 points, or 0.28%, to 19,746.48.
On BSE, 7.19 lakh shares were traded in the counter as against an average daily volume of 1.17 lakh shares in the past one quarter.
The stock hit a high of Rs 314.50 and a low of Rs 276.60 so far during the day. The stock had hit a 52-week high of Rs 341.10 on 4 December 2012. The stock had hit a 52-week low of Rs 126.05 on 20 January 2012.
The stock had underperformed the market over the past one month till 7 January 2013, falling 9.26% compared with the Sensex's 1.38% rise. The scrip had, however, outperformed the market in past one quarter, jumping 35.91% as against Sensex's 3.98% rise.
The small-cap company has an equity capital of Rs 29.04 crore. Face value per share is Rs 10.
PVR, through its wholly-owned subsidiary, Cine Hospitality (CHPL), has purchased controlling stake in the share capital of Cinemax India through a block deal executed on the floor of the stock exchange today, 8 January 2013. PVR said that accordingly, the board of Cinemax India stands reconstituted.
Shares of Cinemax India were trading down by 1.12% at Rs 198.40 on BSE. The stock hit a record high of Rs 202.65 in intraday today, 8 January 2013. On BSE, 1.94 crore shares were traded in the counter as against an average daily volume of 1.69 lakh shares in the past one quarter.
Cinemax India counter saw multiple block deals today, 8 January 2013. First block deal of 1 crore shares was struck at Rs 201.45 per share. Further, three block deals of 31.22 lakh shares each were executed at prices ranging from Rs 200.65 to Rs 202.65 per share.
In November 2012, PVR had entered into definitive agreements to acquire 69.27% stake in Cinemax India, a Kanakia Group entity that operates movie exhibition business in India. The acquisition of Cinemax India was carried out through CHPL, which was assigned to acquire 69.27% stake owned by the promoter group of Cinemax India at Rs 203.65 per share for an all cash consideration of Rs 395 crore.
PVR on 29 November 2012 also announced a mandatory open offer to the shareholders of Cinemax India for acquisition of up to 72.80 lakh equity at Rs 203.65 per share, representing 26% of the fully diluted voting equity share capital of Cinemax India.
PVR also announced a preferential issue of 1.06 crore equity shares at Rs 245 per share, amounting to Rs 260 crore to promoters, existing investor -- L Capital -- and new private equity investor -- Multiples Alternate Asset Management (Multiples). Under the preferential issue of equity shares in PVR, Multiples will invest an amount of approximately Rs 153 crore, L Capital would invest approximately Rs 82.3 crore and promoters would invest approximately Rs 25 crore into PVR. Post the above dilution, both Multiples Private Equity and L Capital would own approximately 15.8% stake each in the company and promoters will hold 32% stake in PVR.
PVR had earlier said that the acquisition of Cinemax India will create the largest movie exhibition chain in India with a combined strength of 351 screens at 85 locations with a total capacity of 84,190 seats. This will also give PVR a leadership position in 10 key markets across the country. PVR operates multiplexes under the brand name 'PVR' cinemas. It currently has 46 operational properties, with 213 screens and a seating capacity of 50,655 seats. Cinemax has 39 operational properties, with 138 screens and a seating capacity of 33,535 seats.
PVR's consolidated net profit rose 13.3% at Rs 16.09 crore on 36.8% growth in net sales to Rs 189 crore in Q2 September 2012 over Q2 September 2011.
Cinemax India's consolidated net profit jumped 69.45% to Rs 15.81 crore on 21.47% growth in net sales to Rs 110.77 crore in Q2 September 2012 over Q1 June 2012.
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