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PVR fixes IPO price band at Rs 200-240

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MUMBAI: Multiplex cinema operator PVR Limited has announced the price band of Rs 200 to Rs 240 for its forthcoming initial public offering (IPO) of 7,700,000 equity share of Rs 10 each at a price to be determined through the book building process.

The issue comprises 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 a trustee of India Advantage Fund - I, a trust registered under the Indian Trusts Act, 1882, acting through its investment manager, ICICI Venture Funds Management Company Limited.

The IPO comprises a net issue to public of 7,250,000 equity shares, a reservation of another 150,000 equity shares for allotment to employees on a proportionate basis, subject to a maximum bid amount of Rs 2,500,000 by any employee and contribution from one of the promoters, Priya Exhibitors Private Limited of 300,000 equity shares brought in at least one day prior to the bid/ issue opening date, states an official release.

Of the net issue to public, the company proposes to reserve up to 50 per cent or upto 3,625,000 equity shares for allotment 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 and the remainder is reserved for allotment to all QIBs, including Mutual Funds, the release adds.

Of the balance, at least 15 per cent of the net issue to the public or 1,087,500 equity shares would be allotted to non-institutional investors on a proportionate basis and at least 2,537,500 equity shares, which works out to at least 35 per cent of the net issue to the public, are reserved for allotment be allotted to retail investors on a proportionate basis.

The proceeds from the IPO would be utilised, among other things, to finance new cinema projects, expand film distribution business, technological upgradation and renovation of cinemas. The company plans to set up cinemas in Mumbai, Hyderabad, Delhi, Indore, Gurgaon, Lucknow, Chennai, Ludhiana, Aurangabad and Latur.

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