PVR Limited files draft Red Herring Prospectus with Sebi

MUMBAI: Delhi-headquartered multiplex cinema operator PVR Limited has filed its Draft Red Herring Prospectus with the Securities & Exchange Board of India (SEBI) to enter the capital market with its initial public offering of 7,700,000 equity shares of Rs. 10 each for cash at a price to be determined through the book building process.

The Book Running Lead Managers to the issue are ICICI Securities Limited and Kotak Mahindra Capital Company Limited.

The proceeds from the Issue would be utilised to finance new cinema projects, expand film distribution business, technological upgradation and renovation of cinemas. The Company plans to expand its cinema footprint and set up new cinemas in Mumbai, Hyderabad, Delhi, Indore, Gurgaon, Lucknow, Chennai, Ludhiana, Aurangabad and Latur, states an official release.

The issue comprises of a fresh issue of 5,700,000 equity shares by the company and an offer for sale of 2,000,000 equity shares by The Western India Trustee and Executor Company Limited in its capacity as trustee of India Advantage Fund - I acting through its investment manager ICICI Venture Funds Management Company Limited.

The issue comprises of a contribution from the promoters of 300,000 equity shares by Priya Exhibitors Private Limited, one of the promoters of PVR Limited, and a reservation for employees of 150,000 equity shares. Thus, the net issue to public stands at 7,250,000 equity shares, the release adds.

Of the net issue to public, up to 50 per cent i.e. up to 3,625,000 equity shares are reserved for allocation to the Qualified Institutional Buyers including Mutual Funds, on a proportionate basis. Out of this reserved portion, 5 per cent or 181.250 equity shares have been exclusively reserved for allotment to Mutual Funds on a proportionate basis.

Of the balance, at least15 per cent of the net issue (at least 1,087,500 equity shares) have been reserved for allocation to Non-institutional investors and at least 35 per cent of the net issue i.e. at least 2,537,500 equity shares have been reserved for allocation to retail investors on a proportionate basis.

The issue will constitute 33.66 per cent of the fully diluted post-issue capital of the company of Rs. 228.7 million.

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