Movies

PVR defers acquisition of DLF's cinema biz

MUMBAI: In a bid to end speculation over the proposed acquisition deal, Delhi-based cinema exhibition major PVR Ltd said Wednesday that the completion of DLF’s DT Cinemas has been deferred till 15 February due to pending compliance issues.


In a filing to the BSE, PVR said that the two parties have mutually agreed to extend the deadline for completing the deal until 15 February 2010.


As part of an acquisition deal signed in November 2009, PVR was supposed to acquire DLF Group‘s cinema business in a stock-and-cash deal. 


The multiplex operator was to make a payment of Rs 202 million and to issue 2.56 million shares to DT Cinemas representing 10 per cent of the fully diluted paid up share capital of PVR Ltd on a preferential basis for the acquisition.


However, the company said that the issue of preferential shares was subject to completion of certain pending compliances by DT Cinemas and the deal could be terminated if the acquisition conditions were not satisfied within 60 days of signing the agreement unless the period was mutually extended.

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