Insta
More PVRs Near You: Company Plans To Raise Rs 750 Crore For Expansion, Shareholders’ Nod Awaited
Swarajya Staff
Dec 31, 2018, 04:48 PM | Updated 04:48 PM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
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.
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.