Business

Multiplex Firm PVR, INOX Rally 10% -20% On Merger Offer


PVR and INOX said they will team up to create a theater network with more than 1,500 screens.

Bengaluru:

Shares of PVR India and INOX Leisure jumped 10% -20% on Monday after the country’s two largest multiplex operators said they would merge to create a theater network with more than 1,500 screens.

INOX will join PVR in an all -share agreement, with INOX shareholders receiving three shares in PVR for every 10 INOX shares, the company said in a regulatory filing on Sunday.

INOX shares jumped 20% to hit a record high of 563.6 rupees, while PVR jumped 10% to its highest level in more than two years.

PVR and INOX said the merger, which is subject to regulatory approvals, will help both companies increase efficiency, reach new markets and optimize costs.

Agrasmartcity

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