PVR gets board nod to dilute 10% stake to Thai firm

MUMBAI: Delhi-based cinema exhibition major PVR board has approved the proposed allotment of equity shares to Major Cineplex Group Plc of Thailand on a preferential basis.

The company will allot a total of 2,557,000 equity shares of Rs 10 each, amounting to 10 per cent of the equity, at a price of Rs 165 per share, including a premium of Rs 155 per share.

"With this, the Major Cineplex Group will hold a 10 per cent stake in PVR," said PVR CFO Nitin Sood.

Major Cineplex Group is Thailand‘s leading lifestyle entertainment company with core business in multiplexes, film distribution, lifestyle neighbourhood malls, bowling and karaoke, ice skating rink, fitness clubs and advertising media.

Major Group, listed on the stock exchange of Thailand, currently operates about 350 multiplex screens, 500 bowling lanes, 300 karaoke rooms and 2 ice skating rinks in the country.

Major Group is also a joint venture partner with PVR in PVR bluO Entertainment Ltd.

Meanwhile, the board also approved the allotment of 11.40 per cent, 290 secured redeemable non-convertible debentures of Rs 1 million each to be issued in the form of separately transferable redeemable principal parts (STRPPs) of Rs 100,000 each.

However, PVR said Monday that allotment to DT Cinemas Ltd, DLF Group‘s cinema business, has been deferred for certain pending compliances with regards to handover of properties to the company.

"There are certain clarifications forthcoming from DT Cinemas‘ end and as soon as things are clarified we will go ahead with the acquisition," adds Sood.

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