Cinemax India has received an in-principle approval for the proposed amalgamation of the company with PVR, the ultimate holding company. The board of directors at its meeting held on June 07, 2013 has approved for the same. The board has appointed AXIS Capital, a Category-I Merchant Banker for providing fairness opinion report.
The board appointed Haribhakti & Company and SSPA & Company, as joint valuers for valuation of PVR and Cinemax India for determining the swap ratio for the proposed amalgamation. Further, the board also approved formation of a committee to authorize its officials to take all necessary steps from time to time regarding the proposed amalgamation as aforesaid.
Cinemax India operates one of the largest exhibition theatre chains in India with 39 properties, 138 screens and 33,522 seats. It is the largest multiplex chain in the Mumbai region. Cinemax runs ‘Red Lounge’ at Bandra, Versova and Thane.
