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PVR Gets Investment From L Capital; To Set-Up New Entertainment Focused JV

PVR has signed definitive agreements with L Capital Eco Ltd, a subsidiary of  private equity (PE) firm L Capital Asia,following which the PE firm will invest close to Rs 108 crore in PVR and will form a joint venture with it for investment in its multiplex, in-mall entertainment, gaming, food and leisure formats, according to a company filing with the BSE. Under the agreement, L Capital would invest Rs 57.7 crore under the preferential allotment route in PVR Ltd, the entity that runs PVR's multiplex business, for 10% fully diluted stake. L Capital would subscribe to 28,85,000 million equity shares in PVR at a price of Rs 200 per equity share (a 21% premium over its closing stock price of Rs 165.95 on 31st July). Apart from that, L Capital will invest Rs 50.1 crore to set up a joint venture with PVR that…

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