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PVR Cinemas Acquires 69.3% Stake In Cinemax; Open Offer; Implications

Multiplex Chain PVR Cinemas has inked a definitive sale agreement to acquire 69.27% stake in Cinemax India, through its wholly owned subsidiary Cine Hospitality Private Limited. This acquisition follows earlier reports of PVR Cinemas looking to acquire 69% stake in Cinemax India, owned by promoters Rashesh Kanakia and family and following it up with an open offer for 26% company stake. As per the agreement, PVR Cinemas completed this acquisition for a total sale consideration of Rs 394 crore (Rs 394,97,54,278) at a stock price of Rs 203.65 per equity share. The company is also looking to acquire an additional 26% stake through an open offer to the public shareholders of Cinemax. Open Offer: Enam Securities Pvt Ltd, which has been appointed as the manager of the open offer, informed BSE that PVR Cinemas plans to acquire 72.8 lakh fully paid-up equity shares of face value of Rs. 5 each, representing 26% of the total diluted voting equity share capital, from the public shareholders of Cinemax India Limited at a price of Rs 203.65 per equity share. It noted that the offer price will be paid in cash in accordance with SEBI regulations of 2011. Cinemax Investors: Besides Kanakia family which owned 69.27% stake in Cinemax India prior to the acquisition, other prominent investors in Cinemax India included (pdf) ICICI Prudential Life Insurance Company which owned 6.7% of the company stake and Mavi Investment Fund Limited which owned 1.2% stake. Where The Money Comes From? A Times of India report suggests that PVR promoters will invest Rs 25 crore in this transaction…

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