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Multiplex operator PVR Ltd on Monday said that the board has approved plans to raise Rs 500 crore through qualified institutional placement (QIP).
The board in its Annual General Meeting authorised PVR to raise the fund, PVR informed the BSE. It also approved management services agreement with its JV firm PVR bluO Entertainment. Moreover, Ajay Bijli along with five independent directors has been appointed.
The independent directors are - Sanjay Kapoor, Sanjay Khanna, Vikram Bakshi, Sanjai Vohra and Amit Burmam. On July 31, PVR had said that it would Rs 500 crore through QIP for any inorganic growth or acquisition.
Shares of the company today closed at Rs 700.85 a piece on the BSE, down 0.34 per cent from previous close.
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