PVR hits 5-year high, up 44% in 4 days post Cinemax deal
Multiplex major PVR shot up to a 5-year high of Rs 341.10 on Tuesday and has been rising for the fourth consecutive session.
Multiplex major PVR shot up to a 5-year high of Rs 341.10 on Tuesday and has been rising for the fourth consecutive session, especially after the company entered into a definitive agreement with Cinemax India (which operates 39 properties with 138 screens) to buy up to 95.27 percent stake in the company for Rs 543 crore.
The stock gained 44 percent in four days as the company will buy promoters' 69.27 percent stake in Cinemax for about Rs 395 crore and Further, its board has also approved purchase of up to 26 percent in Cinemax via an open offer to public shareholders.
Also Read - PVR + Cinemax = CCI Scrutiny?
Yesterday Prusik Asia Fund Public Limited Company has bought 237,005 shares of PVR at Rs 311.60 on the NSE.
At 10:05 hours IST, the share rose 2.97 percent to Rs 334.25 on the Bombay Stock Exchange. Market capitalisation of the company currently stands at Rs 1,010.58 crore.