Sunday, May 29, 2022
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PVR and INOX Leisure merger: The two largest movie theatre companies in India set to merge

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On Sunday, PVR and INOX Leisure merger news has been announced in order to form the largest entertainment company in the country with a network of more than 1,500 screens. After the announcement, the shares of the multiplex operators PVR and INOX Leisure has hit higher in their respective upper circuits in their early trade on Monday itself. It also helps to surge their 52-week highs.

PVR and INOX Leisure: Post-merger share value

The stock of the PVR has raised to 9.99 percent and also hit a 52-week high of Rs 2010.35 apiece on the BSE. Meanwhile, on the National Stock Exchange (NSE), it rose by the same4 margin i.e. Rs 2,003.80 per share. The INOX Leisure scrip has again revived by 19.99 percent to Rs 563.60 on both BSE and NSE.

On Sunday, the boards of directors of both companies at their meetings have approved an all-stock amalgamation of INOX with PVR. Both the companies have said this in separate regulatory filings.

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On Sunday itself, the board of both companies has approved the exchange of ratios and amalgamation of their companies. The shareholders of INOX will receive three shares in PVR for 10 shares of INOX. According to further news, it has come known that PVR promoters will have a 10.62 percent stake while INOX promoters will have a 16.66 percent stake in the combined entity.

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The promoters of INOX will become co-promoters after their merger with the PVR along with the existing promoters of PVR.

PVR and INOX Leisure: Boards of director

The name of the combined entity is going to be PVR INOX Ltd but the branding of the existing screens is going to continue as PVR and INOX respectively. It further added that the new movies which are going to release will be branded as PVR INOX.

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Sanjeev Kumar is the new executive director and Ajay Bijli is nominated as the managing director. Pavan Kumar Jain is named as the non-executive chairman of the Board. Siddharth Jain would be appointed as a non-executive non-independent director in the combined entity.

The merger seems to predict well for the growth of the Indian cinema exhibition industry. Besides this, it also ensures tremendous value creation for all stakeholders, including customers, real estate developers, content producers, technology service providers, the state exchequer, and the employees.

Read- Radhe Shyam, starring Prabhas, is going to release on Amazon Prime Video

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