Cinemax India’s promoters are in exclusive discussions with PVR for a potential sale of their shares in the Company. However, no definitive agreements have been entered into in this respect. The promoters hold 69.27% in Cinemax India.
The deal, which is expected to close next week, will be executed in two stages. Firstly, PVR will buy out Cinemax's promoters, Rashesh Kanakia and his family, followed by an open offer for another 26%, as mentioned in few media reports.
Cinemax India operates one of the largest exhibition theatre chains in India with 36 properties with 123 screens. It is the largest multiplex chain in the Mumbai region. Cinemax runs ‘Red Lounge’ at Bandra, Versova and Thane.
