PVR Ltd had announced on November 13, 2009 that it will be acquiring DT Cinemas Ltd (a DLF Group Company). The consideration for the acquisition was to be met partly in form of cash and partly by issuance of 25,57,000 equity shares of PVR to DT Cinemas Ltd on a preferential basis in accordance with SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009.
PVR announced that 60-day period and the mutually extended period have elapsed and the conditions precedents for the acquisition have still not been satisfied. Further, the parties to the acquisition agreement have mutually agreed not to further extend the period for completion of the conditions precedent under the agreement.
In light of the above, PVR Cinemas informed BSE that the acquisition agreement stands terminated.
— IndiaRetailing Bureau