PVR buys DLF's cinema business

Multiplex major PVR is acquiring DLF Group's cinema business in a stock-and-cash deal.

DT cinemas has a current portfolio of 29 screens with 26 screens currently operational and another three screens expected to commence operations in the next six months.

The multiplex operator will issue 2.56 million shares to DT Cinemas representing 10 per cent of the fully diluted paid up share capital of PVR Ltd and make a payment of Rs 202 million to fund the acquisition.

As per the deal, PVR shall be offered exclusive rights to operate as a key anchor multiplex partner in all future mall developments of the DLF Group.

DLF has a huge portfolio of future mall developments planned in key markets in Delhi, Mumbai, Chennai, Hyderabad, Noida, Jallander and Lucknow.