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Tag: DT Cinemas

  • PVR acquires minority stake in US luxury theatre chain

    PVR acquires minority stake in US luxury theatre chain

    MUMBAI: PVR Ltd (PVR) will acquire a minority stake in US-based luxury restaurant and theatre iPic-Gold Class Entertainment (iPic).  

    Upon completion of its initial public offering (IPO), iPic will appoint PVR chairman and managing director Ajay Bijli to the board of directors.

    iPic owns and operates 16 luxury theaters with 121 screens across 10 States in the US.

    The company informed the Bombay Stock Exchange (BSE) that the board of directors has approved  the proposed investment and the strategic partnership between PVR and iPic,  which will give PVR valuable exposure in  the  American cinema exhibition market.  

    The  completion of the proposed investment is subject to receipt of relevant corporate and regulatory approvals.

    iPic  had previously announced its intention to file a Regulation A+ IPO that would allow all  of  its loyal   fans  and  theater  goers, along with everyone else, the opportunity to  invest in  its luxury restaurant-and-theatre concept.

    Serving 75 million patrons annually, PVR acquired Cinemax in 2012 and had taken over DT Cinemas in the year 2016. Currently, the theatre chain operates a cinema circuit of 600 screens at 131 properties in 51 cities (18 states and 1 Union Territory).

  • PVR to raise Rs 350 crore from PE firm Multiples, dilute 10.7% stake

    PVR to raise Rs 350 crore from PE firm Multiples, dilute 10.7% stake

    MUMBAI: PVR Ltd, which recently acquired DT Cinemas for Rs 500 crore, is looking at raising Rs 350 crore from Indian private equity firm Multiples Alternate Asset Management Private Limited (Multiples), which will pick up 10.7 per cent stake in the company.

     

    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 per cent fully diluted stake, at a price of Rs 700 per equity share.

     

    PVR chairman and managing director Ajay Bijli 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.”

     

    Multiples managing director and CEO Renuka Ramnath added, “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.”

  • PVR snaps up DT Cinemas for Rs 500 crore

    PVR snaps up DT Cinemas for Rs 500 crore

    MUMBAI: PVR has entered into definitive agreements to acquire the cinema exhibition business of DLF Utilities Ltd, which is operated under the brand name DT Cinemas for Rs 500 crore.

     

    Sold to PVR on a slump sale basis, DT Cinemas operates 29 screens with approximately 6,000 seats across eight properties in the National Capital Region (NCR) and Chandigarh. Over the next 12 months, DT Cinemas has plans to add 10 new screens at two properties in NCR.

     

    Currently, PVR has 467 screens across 105 locations in 43 cities. As a result of the proposed acquisition, PVR’s presence will span across 44 cities with 506 screens and 115 multiplexes.

     

    The proposed transaction will be subject to approval of applicable statutory and regulatory approvals and satisfaction of customary conditions precedent.

     

    PVR chairman cum managing director Ajay Bijli said, “It has been our strategy to expand our film exhibition business both organically and inorganically over the years. This acquisition is in pursuance of our core strategy to offer a world class cinema experience to the discerning Indian consumer.”

     

    DLF Rental Business CEO Sriram Khattar added, “We are pleased to sell DT Cinemas to PVR, which is a high quality provider of cinema experience. Combining our unrelenting focus on providing a ·wholesome experience at our malls with PVR ‘s deep knowledge of the cinema business, we look forward to continue enhancing our best in class offerings for the customers.”

     

    Shardul Amarchand Mangaldas & Co was the legal advisor to PVR and EY India and Luthra & Luthra were financial and legal advisors respectively to DLF.