Film exhibition firm PVR has entered into definitive agreements to raise Rs 350 crore from funds managed and advised by private equity player Multiples Alternate Asset Management. The private equity company will pick up 10.7 per cent stake.
The shares will be subscribed by Plenty Private Equity Fund I, Plenty CI Fund I Ltd and Multiples Private Equity Fund II LLP.
The company is raising fresh funds after it announced plans to acquire DLF’s DT Cinemas for Rs 500 crore earlier this week. The DT Cinemas acquisition will help PVR increase its screen count to 115 multiplexes in 506 screens across 44 cities.
PVR is engaged in the business of film exhibition. The company operates other business such as providing content, film distribution and Entertainment Park through its subsidiaries. Currently, the company has achieved the status of being India’s largest cinema chain.
