DLF’s subsidiary, DLF Utilities, has entered into definitive agreements to sell its cinema exhibition business operated under the brand name of ‘DT Cinemas’, to PVR on a slump sale basis for an aggregate consideration of approximately Rs 500 crore.
DT Cinemas currently operates 29 screens with approximately 6,000 seats across 8 properties in the National Capital Region (NCR) and Chandigarh. In the next 12 months, DT Cinemas proposes to add 10 new screens at two properties in the National Capital Region.
EY India and Luthra & Luthra were the financial and legal advisors respectively to DLF and Shardul Amarchand Mangaldas & Company was the legal advisor to PVR on the transaction. The proposed transaction will be subject to approval of applicable statutory and regulatory approvals and satisfaction of customary conditions precedent.
