Stocks

PVR’s rights issue gets 2.24 times

Our Bureau. New Delhi | Updated on August 11, 2020

PVR Ltd has completed its ₹300 crore rights issue, which was subscribed by 2.24 times, at a time when cinemas remain shut due to Covid-19. The rights issue that opened for subscription between July 17 and July 31 received applications for 85 lakh shares, worth ₹672 crore. The offer size was ₹300 crore at ₹784 a share, PVR said.

Promoters, Ajay Bijli and Sanjeev Kumar, applied for shares more than their entitlement in the rights issue, which saw participation from shareholders across investor categories, it added. Ajay Bijli, Chairman and MD, said: “The vote of confidence in the rights issue is a validation of our vision and work,especially during these trying times.”

PVR currently operates a cinema circuit comprising of 845 screens at 176 properties in 71 cities in India and Sri Lanka.

Published on August 11, 2020

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