PVR raises Rs 800 crore from investors even as cinemas open to 100% seating capacity

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Multiplex operator PVR Ltd has raised Rs 800 crore by issuing shares to a set of investors through qualified institutional placement (QIP). The QIP witnessed an allotment of over 55.55 lakh equity shares to eligible qualified institutional buyers (QIBs) at a price of Rs 1,440 apiece as per a PTI report.

“The fund raise committee of the company… approved the issue and allotment of 55,55,555 equity shares to eligible QIBs at the issue price of Rs 1,440 per equity share, aggregating to approx Rs 800 crore,” PVR said in a regulatory filing late on Monday night.

PVR said the issue opened on January 27, 2021 and closed on February 1, 2021.

The move comes soon after the central government granted permission to exhibitors to screen films with 100 percent occupancy from February 1, under the condition that existing SOPs and staggered show timings are followed.

In Delhi, the order was issued by Delhi Disaster Management Authority on Sunday, which also permits trade exhibitions and opening of stadia for sports events.

While usage of these facilities in full capacity has been allowed due to a drop in Covid-19 cases over the past two months, strict safety norms have also been put in place, apart from the usual Covid-19 appropriate behaviour, like maintaining social distancing, not spitting, sneezing or coughing in the elbow, safe disposal of used masks, etc., according to a TNN report.

  • At cinema halls, theatres and multiplexes, 100% seating capacity has been allowed, but a sufficient time interval has to be maintained between successive screenings to ensure row-wise staggered entry and exit of the audience.
  • As intermission witnesses crowding in common areas, washrooms and food counters, the audience would be encouraged to avoid movement. There would be longer intermissions to allow staggered movement for the audience. Social distancing would have to be maintained in all common areas. There would be staggered show timings for multiple screens so that the time of commencement, intermission and finish time of shows do not overlap with any other screen in a multiplex.
  • The seating areas would be regularly sanitised, including mandatory sanitisation after each screening. Digital, no-contact transactions would be preferred for issue, verification or payments for tickets, foods and beverages, etc by using online booking, use of e-wallets, QR code scanners, etc.
  • At the entry, hand sanitisers would have to be made available, preferably in a touch-free mode. Installation of Aarogya Setu app would be encouraged and thermal scanning at entry would be carried out. Those found symptomatic would not be allowed entry and staff would also have to inform about any illness at the earliest. Contact numbers would be noted during booking of tickets to facilitate contact tracing later.
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