PVR acquires DLF's cinema biz

MUMBAI: Delhi-based cinema exhibition major PVR is acquiring DLF Group‘s cinema business in a stock-and-cash deal.

PVR said Friday it has reached an agreement with DLF Group to acquire DT Cinemas on a slump sale basis.

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

DT cinemas has a current portfolio of 29 screens with 26 screens currently operational and another three screens expected to commence operations in the next six months.

All the acquired cinemas are on long term lease in various mall developments being owned and operated by DLF Group.

As part of the overall alliance, PVR shall be offered exclusive rights to operate as a key anchor multiplex partner in all future mall developments of the DLF Group.

DLF has a huge portfolio of future mall developments planned in key markets in Delhi, Mumbai, Chennai, Hyderabad, Noida, Jallander and Lucknow.

Said PVR Ltd chairman and managing director Ajay Bijli, "The acquisition of DT Cinemas and long term strategic partnership with the prestigious DLF Group is part of our expansion strategy and will further enhance PVR‘s position as a leading multiplex operator in the country. PVR will now control 60 to 70 per cent of the market share in Delhi and Gurgaon. This will further strengthen PVR‘s position as one of the largest multiplex players in India."

Meanwhile, PVR also said it will be issuing 2.56 million shares of the company on preferential basis at a price of Rs 165 per share, amounting to Rs 421.9 million or at a price to be determined as per SEBI (ICDR) Regulations, 2009 whichever is higher, to Major Cineplex Group Plc. of Thailand.

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

The company is also a joint venture partner with PVR in PVR bluO Entertainment Ltd.

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