The world’s largest sovereign wealth fund, Norway’s Government Pension Fund Global which manages $1 trillion of the country’s assets and the Kuwait Investment Authority with assets exceeding $590 billion are amongst top global investors who have subscribed to the qualified institutional placement of PVR, the nation’s largest multiplex operator.
“The company’s total stake dilution via the QIP is 5.65 percent and the company has raised Rs 500 crore. The proceeds will be used for paring debt and increasing the screen count,” said a source familiar with the company’s plans.
“Kuwait Investment Authority has picked up the highest stake followed by Aditya Birla Sun Life Trustee Private Ltd, ICICI Prudential & Sundaram Mutual Fund. Morgan Stanley India Investment Fund, Government Pension Fund Global and Fidelity Funds – India Focus Fund are the other key investors. USA’S third-largest public pension plan New York State Common Retirement Fund, City of New York Group Trust and City of Los Angeles Fire and Police Pension Plan also participated in the process through their contribution was relatively much smaller,” said another source.
“The varied participation of global funds reflects their belief in the PVR growth story. Funds from Norway and the US are now closely looking at the consumer theme in India and may participate more in future,” added a third source. PVR was unavailable for an immediate comment/response to a query from MoneyControl.