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PVR Ltd acquires a controlling stake in Cinemax India on Tuesday for Rs 395 crore.
In a filing with the exchange, PVR said that through Cine Hospitality Private Ltd, a wholly owned subsidiary of the company, it PVR had purchased a controlling stake in the share capital of Cinemax India Ltd.
This deal was carried out through block deals executed on the floor of the stock exchange on January 8. “Accordingly, the board of directors of Cinemax India Ltd stands reconstituted,” said the company in a filing with the exchange.
The shares of Cinemax closed at Rs 198.40, down 1.12 per cent from its previous close on the BSE on Tuesday.
PVR closed 10.45 per cent higher at Rs 308.10, from the previous close on BSE.
In November last year, PVR had said its wholly owned subsidiary Cine Hospitality would acquire 69.27 per cent stake owned by the promoter group of Cinemax at a price of Rs. 203.65 in an all-cash deal of Rs 395 crore.
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