In a major shocker for Chennai movie buffs, the iconic SPI Cinemas chain of theaters originally called as Sathyam, have been acquired by the multiplex giant PVR cinemas. As per the press release of PVR, Kiran Reddy, and Swaroop Reddy, the founders of SPI Cinemas will be associated with the business with their strategic guidance in the integration of SPI business with PVR.
As per the deal achieved between SPI and PVR, the latter will be acquiring 222,711 equity shares of SPI cinemas, which totals to 71.7% of equity share capital of SPI from its current shareholders, for a whopping 633 crores, and will be issuing 1.6 million equity shares of PVR which is about 3.3% of their equity share capital, in this amalgamation of SPI and PVR. The total value of the deal is estimated at around 850 crores.
It has been speculated that the Reddys were forced to take this decision after they were finding it extremely tough to handle the businesses in Chennai. As said by Ajay Bijli, the Chairman and Managing director of PVR, this acquisition of SPI will be a major breakthrough and will establish them as the market leader, and this will be a major step in their target of 1000 screens owned by them by 2020. It must be noted that after huge anticipation by Chennai residents, the multiplex Luxe was sold to Jazz Cinemas, and now, the rest of SPI has been sold to PVR, heavily upsetting movie buffs of Chennai.
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