PVR gets shareholder nod for Bijli amalgamation

BENGALURU: In September 2015, the board of directors of multiplex operator PVR Limited had said it had approved an amalgamation scheme between Bijli Holdings Pvt Ltd and itself to simplify PVR's shareholding structure. Today, the company has informed the bourses that it has received 99.99 per cent of its shareholders approval though postal as well as electronic ballot forms.

"The Board of Directors has considered and approved the Scheme of Amalgamation...Between Bijli Holdings, based on the recommendation of the audit committee," the company said at that time in a BSE filing.

The purpose of the amalgamation is to simplify the shareholding structure of PVR and reduce the shareholding tiers. It also envisages to demonstrate Bijli Holdings’ direct engagement with PVR, the September 2015 filing explained

“Bijli Holdings is part of the promoter group of PVR. Post-amalgamation, paid-up capital of the company will remain the same and there shall be no dilution for any shareholders, including public shareholders,” PVR had said in its earlier filing.

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