PVR raises Rs 800 crore from institutional buyers

PVR pioneered the multiplex revolution in India by establishing the first multiplex cinema in 1997 at Saket in New Delhi

Multiplex player PVR Ltd has raised Rs 800 crore by issuing shares to a set of investors through qualified institutional placement (QIP).

The issue opened on January 27 and closed on February 1. The QIP witnessed an allotment of over 55.55 lakh equity shares to eligible qualified institutional buyers at a price of Rs 1,440 per unit. Those allotted more than five per cent of equity shares include HDFC Life Insurance (13.75 per cent), SBI Small Cap Fund (12.6 per cent), SBI Life Insurance Company (6.25 per cent), Sundaram Mutual Fund (6.25 per cent) and SBI Magnum Equity ESG Fund (6.12 per cent).

“The fund-raise committee of the company approved the issue and allotment of 55,55,555 equity shares to eligible QIBs at the issue price of Rs 1,440 per equity share, aggregating to approx Rs 800 crore,” PVR said in a regulatory filing late on Monday.

The company reported a consolidated net loss of Rs 49 crore for the October to December quarter against a profit of Rs 36 crore in the year-ago period.
In the previous quarter (July to September), it had reported a loss of Rs 184 crore as the outbreak of coronavirus and lockdowns hit cinema halls and retail joints.

PVR pioneered the multiplex revolution in India by establishing the first multiplex cinema in 1997 at Saket in New Delhi. It has organised its operations into three business segments: movie exhibition, movie production and distribution & others.

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