MUMBAI: Delhi-based cinema exhibition major PVR Ltd has announced that its board has approved the merger of Leisure World, a promoter's closely held company, with itself.

Leisure World owns PVR Anupam multiplex, a prime property at Saket area in New Delhi.

PVR said in a filing that the board has also approved to appoint either Deloitte or Price Waterhouse (PWC) to get the valuation of PVR Ltd and Leisure World and to suggest the swap ratio.

PVR will also appoint AZB & Partners, advocates and solicitors, to carry out the due diligence of Leisure World, while Jones Lang LaSalle Meghraj (JLL) and CB Richard Ellis (CBRE), the two property consultants, will be appointed to carry out their independent valuation and submit their report in respect of property PVR Anupam.

Law firm Restructuring Management Group will prepare the scheme of merger.

The board will also appoint a merchant banker for fairness certificate of the swap ratio.