More PVRs Near You: Company Plans To Raise Rs 750 Crore For Expansion, Shareholders’ Nod Awaited

PVR, the film entertainment company and multiplex chain owner, is planning to raise almost Rs. 750 crore, by issuing securities to qualified buyers, with proposal waiting for approval from shareholders, reports TelevisionPost.

On 21 December PVR’s board had approved the issue of company’s equity shares, each with a face value of Rs.10 in one or more tranches(portions) qualified institutional buyers (QIBs).

PVR in a postal ballot notice to its shareholders stated, “The company intends to issue securities for an aggregate amount not exceeding Rs 7.5 billion”. The sum, it said, would be used for “funding our capital expenditure needs, funding any acquisitions, reducing our outstanding debt, funding long and short-term working capital requirements, general corporate purposes and/or other corporate exigencies”.

The proposal’s e-voting will be held from 31 December to 29 January 2019 with results being announced on 30 January 2019.

PVR had announced in August this year that it had acquired 71.69% stake in South India-based SPI Cinemas for Rs 633 crore in an all-cash deal. Previously too, 32 screens of DT cinemas from realty major DLF for Rs 433 crore had been acquired by PVR in 2016.