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PVR to raise Rs 350 crore from PE firm Multiples, dilute 10.7% stake

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MUMBAI: PVR Ltd, which recently acquired DT Cinemas for Rs 500 crore, is looking at raising Rs 350 crore from Indian private equity firm Multiples Alternate Asset Management Private Limited (Multiples), which will pick up 10.7 per cent stake in the company.

Under the terms of the agreement, Multiples through its various funds shall, subject to receipt of necessary statutory approvals, subscribe to 50,00,000 equity shares in PVR Limited for a 10.7 per cent fully diluted stake, at a price of Rs 700 per equity share.

PVR chairman and managing director Ajay Bijli said, “We are delighted to deepen our partnership with Multiples. This investment bears testimony to the immense faith that Renuka Ramnath and entire Multiples Private Equity team have reposed in the business model, promoters and the management team of PVR.”

Multiples managing director and CEO Renuka Ramnath added, “PVR is a unique success story built on the back of strong financial support and endorsement from the same investor. We are proud to have been part of PVR’s history from less than 29 screens towards building 1000 screens. The credit for this outstanding journey is to Ajay, Sanjeev and the excellent management team that works with them.”

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