Warburg Pincus, private equity firm, has acquired about 14 per cent stake through its affiliates in the leading multiplex chain PVR Cinemas for about Rs 820 crore.
“The stake is being acquired from affiliates of private equity firm multiples who will remain a long-term investor with a 14 per cent equity stake and the current promoters who will continue to drive the business and remain the largest shareholders with a shareholding greater than 20 per cent,” the company said in a statement.
Managing Director and Co-Head, Warburg Pincus India Pvt Ltd, Vishal Mahadevia said, “Warburg Pincus is excited to invest in PVR, and has been impressed by Ajay’s passion and continued commitment to the business. The Indian film and entertainment market is expanding rapidly and we look forward to supporting the management team during the next phase of growth.”
PVR is the largest multiplex player in the country. It currently operates 562 screens in 122 properties in 48 cities in the country.
Chairman & Managing Director, PVR Ltd, Ajay Bijli added, “The Indian multiplex industry is at a cusp of rapid transformation and at the next level of growth driven by consumer demand and experience, convenience and technology. We are delighted to welcome Warburg Pincus as an investor as we continue to accelerate our long-term development and expansion. The firm’s global network and experience will be invaluable to us as we go forward.”