Indiaherald Group of Publishers P LIMITED

X
close save
crop image
x
TM
Thu, Feb 21, 2019 | Last Updated 4:53 pm IST

Menu &Sections

Search

Acquisition to make PVR undisputed leader in South India

Acquisition to make PVR undisputed leader in South India
Acquisition to make PVR undisputed leader in South India
http://apherald-nkywabj.stackpathdns.com/images/appleiconAPH72x72.png apherald.com

Chennai sources reported that the multiplex chain PVR cinemas announced Sunday that they will be acquiring the iconic Chennai brand SPI Cinemas, which was originally called Sathyam Cinemas. As per report from PVR cinemas, the founders of SPI Cinemas, Kiran M Reddy and Swaroop Reddy, will continue to be associated with the business and will provide “strategic guidance in integrating the business with PVR.”



A press release from PVR said “Under the terms of the proposed acquisition, PVR would acquire 222,711 equity shares of SPI Cinemas constituting 71.7 % of the paid up equity share capital of SPI from existing shareholders for a total consideration of Rs 633 crores and issue 1.6 mn equity shares of PVR Limited constituting 3.3% of the diluted paid up equity share capital of the company pursuant to a scheme of amalgamation between SPI and PVR”.

Acquisition to make PVR undisputed leader in South India

Furthermore the deal is said to be totally worth about Rs 850 crore. Moreover Kiran Reddy of SPI Cinemas said, “SPI Cinemas has been revolutionizing the movie watching experience for its patrons by consistently bringing in world class technology and innovative offerings and they are excited to now partner with the largest Indian multiplex chain PVR as this combines two proven business models and will create significant value for moviegoers as well as all the stakeholders.”

Acquisition to make PVR undisputed leader in South India

Acquisition to make PVR undisputed leader in South India
5/ 5 - (1 votes)
Add To Favourite
More from author
UK no longer preferred market for Indian investment due to Brexit factor
Pakistan Cricketers portrait removed from HPCA
DMK Congress deal soon!
What's the problem for DMDK?
India receives support from Israel!
Public shocked after tremors in Delhi!
APTA achieved India Book of record by making longest bamboo chicken in India
Budget of Rs 3,116 crore for 2019-20 unveiled by TTD
Chennai Metro Rail to install WiFi facilities at all stations
Saudi Arabia-India plans to set up a ''Strategic Partnership Council'
Donald Trump planning to meet North Korean Leader Kim Jong-Un again
Is Nagarjuna making his Political entry?
Why Rahul Gandhi made a surprise visit to AP Bhawan?
Panther seen in parking area of Korum Mall in Thane
Why KCRs Cabinet has no Women in his Party?
25 lakhs be given to family of CRPF Jawan by Kerala Govt
Surya Kiran Aircraft crashed in Bengaluru during rehearsal
BJP making desperate attempts to woo its allies
Gold prices skyrocket!
Saudi comes to Pak support!
Mastermind of Pulwama attack dead!
Kamal's takes a dig at Stalin!
YS Jagan needs to be reminded charity begins at home
Ex-PM highlights rural indebtedness, urban chaos
PMK will support AIADMK- BJP front in Tamilnadu in general elections
French researchers found 5.8 million Indane customer records
Will Sania Mirza be removed as brand ambassador of Telangana ?
Freedom we have is very expensive due to CRPF Employees
Why India raised Pulwama attack issue at Munich Conference?
RBI found large divergence in the books of Yes Bank
Tamilisai welcomes Kamal speech!
Kiran Bedi Vs Narayanasamy intensifies!
Kaduvetti Guru's mother against Anbumani!
4 soldiers die in a fight!
Kamal slams Rajinikanth
KPN Travels - A Bus Service which would make you regret
About the author

Bharath has been the knowledge focal point for the world, As Darvin evolution formula End is the Start ... Bharath again will be the Knowledge Focal Point to the whole world. Want to hold the lamp and shine light on the path of greatness for our country Bharath.