PVR LTD. - Outcome of Board Meeting - PVR to acquire DT Cinemas
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| 09 Jun 2015 | |
| PVR Ltd has informed BSE that the Board of Directors of the Company at its meeting held on June 09, 2015, has approved acquisition of the cinema exhibition business of DLF Utilities Limited.<BR><BR>Accordingly, PVR Limited executed definitive agreements with DLF Utilities Limited to acquire its cinema exhibition business, which is operated under the brand name of "DT Cinemas", on slump sale basis for an aggregate consideration of Rs. 500 (Five hundred) Crores approx.<BR><BR>DT Cinemas currently operates 29 screens with approximately 6,000 seats across 8 properties in the National Capital Region and Chandigarh. In the next 12 months, DT proposes to add 10 new screens at two properties in the National Capital Region. Currently, PVR has 467 screens across 105 locations in 43 cities. As a result of the proposed acquisition, PVR will have a presence in 44 cities with 115 multiplexes and 506 screens.<BR><BR>The proposed transaction will be subject to approval of applicable statutory and regulatory approvals and satisfaction of customary conditions precedent.<BR><BR>Shardul Amarchand Mangaldas & Co. was the legal advisor to PVR and EY India and Luthra & Luthra were financial and legal advisors respectively to DLF.<BR><BR>In this regard, the Company has submitted to BSE a copy of Press Release dated June 09, 2015, titled "PVR to acquire DT Cinemas". | |
| View all announcements for PVR LTD. | Source: BSE India |
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