Multiplex major PVR said it has received approval from its shareholders to acquire the cinema exhibition business of DLF, DT Cinemas.
The members at the extra ordinary general meeting have approved the acquisition of DT Cinemas, PVR said in a filing to the Bombay Stock Exchange.
The shareholders have also approved issuance of 25.57 lakh shares each, on a preferential basis, to DT Cinema and the Thailand-based entertainment firm Major Cineplex Group.
Last month, in two separate deals, PVR had agreed to acquire DT Cinemas, besides offloading its 10 per cent equity to Major Cineplex Group for Rs 42 crore to fund its expansion plans.
The DT deal would take PVR’s total screens to 137, from 108 at present, taking its market share in Delhi and Gurgaon to 60-70 per cent.
— IndiaRetailing Bureau