PVR signs Rs 350 crore deal with Multiples (MAAMPL)
~ Raises funds for DT Cinema acquisition~
New Delhi, PVR Limited (“PVR”), India’s leading Film Exhibition Company today announced that it has signed definitive agreements with funds managed/advised by Multiples Alternate Asset Management Private Limited (Multiples), the leading Indian private equity platform to invest an amount of Rs 350 crores in PVR’s cinema exhibition business.
Under the terms of the agreement, Multiples through its various funds shall, subject to receipt of necessary statutory approvals, subscribe to 50, 00,000 equity shares in PVR Limited for a 10.7% fully diluted stake, at a price of Rs 700 per equity share.
Commenting on the partnership, Mr Ajay Bijli, Chairman and Managing Director of PVR said “We are delighted to deepen our partnership with Multiples. This investment bears testimony to the immense faith that Renuka Ramnath and entire Multiples Private Equity team have reposed in the business model, promoters and the management team of PVR.”
Ms. Renuka Ramnath, Managing Director and CEO of Multiples said “PVR is a unique success story built on the back of strong financial support and endorsement from the same investor. We are proud to have been part of PVR’s history from less than 29 screens towards building 1000 screens. The credit for this outstanding journey is to Ajay, Sanjeev and the excellent management team that works with them.”