Film exhibition firm PVR Ltd said that it has signed definitive agreements to raise Rs 350 crore from funds managed and advised by private equity player Multiples Alternate Asset Management. The private equity company will pick up 10.7 per cent stake.
“Under the terms of agreement, Multiples through its various funds shall, subject to receipt of necessary statutory approvals, subscribe to
50,00,000 equity shares in PVR Ltd for a 10.7 per cent fully diluted stake, at 700 per equity share,”
the company said in a statement.
The shares will be subscribed by Plenty Private Equity Fund I Ltd, Plenty CI Fund I Ltd and Multiples Private Equity Fund II LLP.
This company is raising fresh funds after it announced plans to acquire DLF’s DT Cinemas for rs. 500 crore earlier. The DT Cinemas acquisition will help PVR increase its screen count to 115 multiplexes in 506 screens across 44 cities.