Credit rating agency, ICRA has removed the Rs 40 crore 'A1+’ rating for the commercial paper programme of PVR from 'watch with developing implications' rating.
The aforesaid removal of rating watch follows the successful completion of PVR's acquisition of 69.27% stake from the promoters of Cinemax India (CIL) and subsequent 23% through an open offer taking its total holding in CIL to 93%.
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.
