Financial Daily from THE HINDU group of publications
Tuesday, Dec 06, 2005
Financial Daily from THE HINDU group of publications Tuesday, Dec 06, 2005 |
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Corporate
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Announcements Markets - IPOs PVR plans to expand presence in Mumbai Our Bureau
Mr Ajjay Bijli (right), CMD, PVR Ltd, with Mr Sanjay Malhotra, CFO, at a press conference in Mumbai on Monday. — Paul Noronha
Mumbai , Dec 5 PVR Ltd, which is entering the capital market with its initial public offer, has said that its business is dependent on the popularity of the films it exhibits. "From time to time, the film industry fails to produce blockbuster films with widespread audience appeal. If the films we exhibit are not popular, the number of our patrons will decline which would adversely affect our business," the company said in its offer document. PVR Ltd, a multiplex cinema operator, is issuing 77 lakh shares in the IPO, 57 lakh shares being fresh equity and an offer for sale of 20 lakh shares by Western India Trustee of India Advantage Fund - 1, part of ICICI Venture Funds Management Company Ltd. Post-IPO, the promoters' holding will stand at 40.44 per cent from 52.11 per cent and that of ICICI Ventures will decline to 22.37 per cent from 41.43 per cent. Currently, PVR has 47 screens. "We have plans to open 74 more screens and the thrust will be Mumbai. We plan to put up 30 screens in Mumbai," said Mr Ajjay Bijli, Chairman and Managing Director. In Mumbai, the projects will come up in Mulund, Juhu, Lower Parel, Goregaon, and Ghatkopar. He said that organised retail boom is helping the multiplex industry. The issue opens on December 8. The book running lead managers to the issue are ICICI Securities and Kotak Mahindra Capital Company Ltd.
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