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PVR to buy back L Capital’s 10% stake in company

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MUMBAI: Multiplex chain PVR has entered in a share purchase agreement with private equity (PE) fund L Capital Asia to buy back its entire investment in PVR. L Capital Asia, the PE arm of Louis Vuitton Moët Hennessy (LVMH), owns a 10 per cent stake in the company.

In August 2012, PVR had issued 28,85,000 equity shares of face value of Rs 10 each at a premium of Rs 190 per share of aggregating to Rs 57.70 crore to L Capital Eco, a subsidiary of L Capital Asia. In addition, L Capital Eco had also invested a sum of approximately Rs 50.09 crore in PVR Leisure, which is a subsidiary company of PVR. Thus, the total investment by the company in the multiplex chain was Rs 108 crore.

PVR Leisure houses mall entertainment, gaming arena, food courts and other leisure entertainment formats. PVR's investment in the bowling company - PVR bluO Entertainment - is also through PVR Leisure. PVR bluO is a 51:49 joint venture between PVR and Major Cineplex Group of Thailand.

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